Iraq exports more than 98mn barrels of crude oil in November

Baghdad: Iraq has exported 98.19 million barrels of crude oil in November, bringing in revenues of about $7.59 billion, said the country's Ministry of Oil. The OPEC Plus agreement to cut oil production and a dip in oil prices due to the impact of the Covid-19 pandemic on the global economy have combined to cause the decline of the country's oil exports.

The country which had exported more than 100 million barrels per month with higher revenues had to cut down its production due to OPEC plus agreement and COVID- Pandemic. A statement by the Ministry said that crude oil exports for November were at an average of 3.27 million barrels per day.

Citing statistics of the State Organization for Marketing of Oil, the statement added that the average selling price for crude oil in November was $77.33 per barrel.

Nearly 95.86 million barrels were exported from oil fields in central and southern Iraq through the Port of Basra, while about 2.32 million barrels from the northern province of Kirkuk through the Turkish port of Ceyhan on the Mediterranean during November, the statement said.

Iraq's economy heavily relies on crude oil export, which accounts for more than 90 per cent of the country's revenues.