Iraq’s crude exports exceed 88 mln barrels in Dec. 2020
Iraq’s Ministry of Oil said that Iraq exported 88.21 million barrels of crude oil in December 2020, bringing in revenues of more than 4.2 billion U.S. dollars.
The average selling price for crude oil in the last month of 2020 was 47.76 dollars per barrel, according to a ministry statement that cited statistics of the State Organization for Marketing of Oil.
About 85 million barrels were exported from Iraq’s central and southern oil fields via the Port of Basra, while about 3.16 million from the northern province of Kirkuk via the Turkish port of Ceyhan on the Mediterranean, the statement said.
Iraq used to export more than 100 million barrels per month with higher revenues, but the OPEC Plus agreement to cut oil production, and a dip in selling prices in the oil market because of the impact of the COVID-19 pandemic on the global economy, have combined to cause the decline of its oil exports and revenues in recent months.
Iraq’s economy heavily relies on the exports of crude oil, which accounts for more than 90 percent of the country’s revenues.