ERBIL — Iraq in August managed to export a total of 94.66 barrels of crude oil, generating about 6.53 billion US dollars, the country's Ministry of Oil announced on Wednesday.
According to a statement by the Oil Ministry, which cited statistics published by the State Organization for Marketing of Oil (SOMO), the average price for crude oil in August was 69 dollars per barrel.
Around 91.65 million barrels were reportedly exported from the oil fields in central and southern Iraq via the Port of Basra, while about three million from the northern province of Kirkuk via the Turkish port of Ceyhan on the Mediterranean, the statement explained, as cited by Xinhua.
Iraq used to export more than 100 million barrels per month with higher revenues, but the OPEC Plus agreement to cut oil production and a dip in selling prices in the oil market because of the impact of the COVID-19 pandemic on the global economy have combined to cause the decline of the country's oil exports and revenues from it.
Iraq announced last month that it had generated $6.51 billion from exporting over 90 million barrels of crude oil during July, explaining that one barrel of crude oil had been sold at an average price of $72.
Iraq heavily relies on oil revenues to cover its annual budget, including the salaries of the public employees and the country's army.