Iraq Earns $7.7B Exporting 101M Barrels of Oil in January

Iraq exported 101.24 million barrels of crude oil in January, the country’s Oil Ministry said on Wednesday, bringing $7.69 billion in revenues to the state’s coffers. More than 90% of Iraq’s revenues come from oil exports.

More than 97% of the exported oil (98.46 million barrels) came from fields in central and southern Iraq and was shipped via the port of Basra. More than 2 million barrels of oil, from the northern province of Kirkuk, were exported via the Turkish port of Ceyhan on the Mediterranean Sea.

The average price in January for a barrel of Iraqi crude, according to the State Organization for Marketing of Oil, was $75.96. The Russo-Ukrainian War has pushed the price of oil up, benefiting Iraq and other oil-exporting countries. But fears of lower demand in global markets have depressed the price of oil over the past few months.