Iraq Generates Over $5 Billion From Oil Sales In December

Iraq Generates Over $5 Billion From Oil Sales In December

 The Iraqi government generated over $5 billion from oil revenue exports during the month of December last year, the country’s Oil Ministry said on Saturday (January 28).

The Iraqi Oil Marketing Organization (SOMO) said in a statement that a total of 109 million barrels of oil had been exported, generating $5.59 billion.

According to SOMO, 107 million barrels of oil were exported from oil fields from the country’s southeastern city of Basra and another two million from the Kirkuk oil fields.

One barrel of oil was sold for over $46 U.S. dollar, the organization reported.

The Iraqi Ministry of Oil announced on January 9 that oil exports from the country’s southern ports had reached 3.51 million barrels per day (bpd) last month.

In November, the Iraqi oil ministry exported 3,240,000 million barrels of oil per day to the international oil markets.

Iraq, OPEC’s second-biggest country regarding oil production after Saudi Arabia, agreed to decrease output by around 200,000 barrels per day as part of the OPEC deal to curtail production.

Iraq wants to see the price of a barrel of oil at the $65 mark, the country’s oil minister said, reaffirming that Baghdad is abiding by an agreement among global oil producers.

Producers from outside the 13-country group agreed on December 10 to reduce output by 558,000 bpd, short of the initial target of 600,000 but still the largest contribution by non-OPEC ever.