Economy

Iraq earns over $7 billion from oil sales in February, says marketing company

Each barrel was sold for $76.55 dollars. In total, Iraq earned seven billion and 62 million dollars, according to the country’s oil ministry.

Kurdistan 24 2023/03/26 19:55

A worker from South Oil Company is pictured on a field in Nasiriyah, Oct. 30, 2015. (Photo: Haider Mohammed Ali/AFP)

Iraq Iraq OIl

Kurdistan 24 (ERBIL) – Iraq earned more than seven billion US dollars in revenues from its oil sales in February, the country’s oil marketing company announced on Monday.

Iraq exported more than 92 million barrels last month, pocketing more than $7.6 billion, the State Oil Marketing Organization, known as SOMO, reported.

Each barrel was sold for $76.55 dollars. In total, Iraq earned seven billion and 62 million dollars, according to the country’s oil ministry.

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

Last year, Iraq earned more than $115 billion from the sale of over 1.2 billion barrels of oil.

As one of the founding members of the Organization of the Petroleum Exporting Countries (OPEC), Iraq joined other members in cutting daily oil production by two million barrels of oil over market stability concerns.

More than 90 percent of Iraq’s gross domestic product (GDP) comes from hydrocarbon sales.