Iraq pockets over nine billion USD in oil revenues

Iraq witnessed a drop in both oil export and revenue compared to July’s figures due to lower oil prices.
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Flare stacks burn at the Nahr Bin Omar field, north of the southern Iraqi port of Basra, Jan. 21, 2021. (Photo: Hussein Faleh/AFP)
Flare stacks burn at the Nahr Bin Omar field, north of the southern Iraqi port of Basra, Jan. 21, 2021. (Photo: Hussein Faleh/AFP)

ERBIL (Kurdistan 24) – Iraq generated over nine billion US dollars in revenues from its oil sales in August, the country’s energy authority announced on Thursday.

With a daily production of 3, 286,0000 barrels, the country exported a total of over 101 million barrels during the same period, the Ministry of Oil said in a statement.

Each barrel was sold for $96.05 dollars. In total, Iraq earned nine billion and 784 million dollars, according to the ministry.

Iraq witnessed a drop in both its oil export and revenue compared to July’s figures due to lower oil prices.

The country exported over 102 million barrels in July, pocketing $10.6 billion, per the ministry figures. 

The figures are mainly drawn from the production and exports of the central and southern Iraqi oil fields. The Kurdistan Region releases its oil data independently.

In June, Iraq generated over $11 billion from crude exports due to high oil prices in the international market.

Over 90 percent of Iraq’s gross domestic product (GDP) is drawn from hydrocarbon sales.