Iraq Generates $5.88 Billion from Oil Exports in May
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Iraq Generates $5.88 Billion from Oil Exports in May

ERBIL — Iraq exported 89.88 million barrels of crude oil in May, from which it generated $5.88 billion, the country’s Ministry of Oil said.

About 86.8 million barrels were exported from Iraq's central and southern oil fields via the Port of Basra, while about 3.06 million from the northern province of Kirkuk via the Turkish port of Ceyhan on the Mediterranean, a statement by the ministry cited the State Organization for Marketing of Oil (SOMO).

The average selling price for each barrel of crude was 65.45 dollars.

The decline in the oil exports is due to the OPEC Plus agreement to cut oil production in order to balance the global economy affected by the pandemic.