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Iraq Generates over $5 Billion from Oil Exports in February: Ministry

Iraq’s Oil Ministry said on Monday that the country had generated more than $5 billion from oil exports during the month of February.

According to a statement from the ministry, a total of 82.87 million barrels of crude were exported last month.

Each barrel was sold on an average price of $60.33, the statement cited statistics of the State Organization for Marketing of Oil, better known as SOMO.

About 79.1 million barrels were exported from Iraq’s central and southern oil fields via the Port of Basra, while about 3.77 million from the northern province of Kirkuk via the Turkish port of Ceyhan on the Mediterranean, the statement added.

The export rate has significantly declined due to the pandemic and the OPEC Plus agreement to cut oil production.

Oil exports make more than 90% of Iraq’s national revenues, making it a country heavily depending on oil and, consequently, facing serious troubles during energy crisis on an international level.