Economy

Iraq’s oil exports averaged 3.6 million bpd in February: Ministry

Iraq exported an average of 3.62 million barrels per day (bpd) of oil in February, a figure slightly less than the month before, the country’s Oil Ministry said on Friday.

Kurdistan 24 2019/03/02 06:01

world Iraq Oil Baghdad Basra OPEC

ERBIL (Kurdistan 24) – Iraq exported an average of 3.62 million barrels per day (bpd) of oil in February, a figure slightly less than the month before, the country’s Oil Ministry said on Friday.

In January, Iraq exported 3.649 million bpd of crude.

Shipments passing through the southern port of Basra alone made up a huge percentage of both months, with February's average at 3.54 million bpd, down from 3.556 million bpd in January.

Exports from oil fields in Kirkuk Province to Turkey’s Ceyhan port also fell to 63,000 bpd in February, from 75,000 bpd in the month before, the ministry added.

It also reported that the average sale price last month was $60.834 per barrel, generating about $6,167,815,000 in revenue.

Iraq is the Organization of the Petroleum Exporting Countries' (OPEC) second-largest producer and currently has an output below its maximum capacity of nearly 5 million bpd.

In early January, Baghdad agreed to cut annual oil production in compliance with an agreement between OPEC and additional non-member states such as Russia, known together as OPEC+, to curtail global supply in order to bolster prices.

Editing by John J. Catherine