Economy

Iraqi oil exports drop to 3.52 million bpd in June: Ministry

The average daily Iraqi oil exports for June fell from 3.572 million barrels per day (bpd) the previous month to 3.52 million bpd, the country’s oil ministry said on Tuesday

Kurdistan 24 2019/07/03 07:59

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ERBIL (Kurdistan 24) – The average daily Iraqi oil exports for June fell from 3.572 million barrels per day (bpd) the previous month to 3.52 million bpd, the country’s oil ministry said on Tuesday.

The Iraqi federal government exported 105.6 million bpd that month, generating revenue close to US $6.3 billion, the ministry announced in a statement.

The spokesperson for the Ministry of Oil, Assim Jihad, stated the government had exported 3.1 million bpd in June from oil fields in the disputed province of Kirkuk through Turkey’s Ceyhan port using the autonomous Kurdistan Region’s pipelines.

The average price per barrel amounted to $60.57, Jihad said.

Iraq has one of the world’s largest oil reserves and is the second-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC).

OPEC and Russia have been decreasing oil production since 2017 to prevent prices from going down. The group plans to extent oil supply cuts until the end of 2019.

Editing by Nadia Riva