Iraq pockets over nine billion USD in oil revenues

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

Kurdistan 24 2022/11/01 14:54

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) – The Iraqi Ministry of Oil announced on Tuesday that it had generated over nine billion US in the hydrocarbon sale in October, according to a statement.

With a daily production of 3,382,0000 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 $86.31 dollars. In total, Iraq earned nine billion and 258 million dollars, according to the ministry.

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.