Iraq Earns $7.1B in June From Crude Oil Exports, Oil Ministry Reports

Iraq’s Oil Ministry reported on Saturday that the country exported approximately 100.59 million barrels of crude oil in June, generating a revenue of $7.1 billion. The average price of Iraqi crude oil in June was $71.1 per barrel, according to a statement citing statistics from the State Organization for Marketing of Oil, an Iraqi company.

The bulk of exports, about 98.72 million barrels, were from oil fields in central and southern Iraq, shipped via the port of Basra. An additional 1 million barrels came from the Qayyara oilfield in Nineveh province in the north, and 299,445 barrels were exported to neighboring Jordan.

Exports from Kirkuk province in the north through Turkey’s port of Ceyhan on the Mediterranean are currently suspended following an arbitration case Baghdad won against Turkey in March. This was over a dispute regarding the independent export of oil by the semi-autonomous Kurdistan Regional Government.

Although an interim agreement to resume Kurdish oil exports was signed between the Iraqi federal government and the Kurdistan Regional Government in early April, Turkey has maintained the suspension, aiming to negotiate the arbitration before resuming oil exports. Over 90% of Iraq’s revenues come from crude oil exports.