KRG exported over 597,000 barrels of oil per day in November
“The KRG sold its crude oil with an average of $35.05 per barrel."
ERBIL, Kurdistan Region (Kurdistan24) – The Kurdistan Regional Government’s (KRG) Ministry of Natural Resources (MNR) on Wednesday released the monthly oil production and export revenue report.
The MNR’s report of November’s oil production and revenue revealed the KRG had produced 17,927,598 barrels in the last month amounting to over 597,587 barrels per day (bpd).
According to the MNR report, the KRG exported 17,629,368 barrels of oil, an average of 587,646 bpd, generating nearly $568 million for the sold crude oil during the month of October.
A total of 54,161 bpd, an overall of 1,624,834 barrels of oil in the month, were produced in the oilfields controlled by Iraq’s North Oil Company (NOC) in Kirkuk, the MNR reported.
“The KRG sold its crude oil with an average of $35.05 per barrel,” the report read.
The report adds that the KRG allocated over $62 million for international oil producing companies, $158.5 million was retained by buyers for past prepayments, and an additional $22 million provided for Kirkuk petrodollar, electricity costs, and other payments.
“Net cash balance retained by the KRG for November sales is $324.5 million, the MNR reported.
Additionally, the report explained that the KRG had received $50 million as a new prepayment against the future lifting of crude oil.
“Total net amount received in the month of November by the KRG is $374.5 million which was received by the KRG to fund the salaries of KRG employees,” the MNR report stated.
Editing by Ava Homa