December Iraqi oil revenue revealed

ERBIL (Kurdistan24) – Iraqi oil revenues exceeded $8 billion in December 2023, the country's oil ministry announced in a statement.

Citing preliminary figures from the country's State Organization for Marketing of Oil (SOMO), the statement revealed that crude oil exports and revenues in the month reached 108 million barrels, earning $8.32 billion.

107.6 million barrels of crude oil were exported from central and southern Iraq, of which 464 thousand were exported to Jordan.

The statement further added that the total oil revenue for December decreased by $196 million, or 3 percent, from November. This reduction is believed to be a result of the agreement reached by OPEC members, with Iraq agreeing to reduce its production by 223,000 barrels per day (bpd).

Iraq has one of the world’s largest oil reserves and is the second-largest oil producer in the OPEC. 

The OPEC and its affiliates, including Russia, have been decreasing oil production since 2017 to sustain higher prices on fossil fuels.

On Dec. 9, OPEC officially confirmed that the total voluntary cut in crude oil production by the end of March 2024 will be 2.2 million barrels per day.