Iraq oil exports slightly up for January: ministry
The Iraqi government in January exported over 88 million barrels of oil, slightly more than the previous month, according to new figures from the oil ministry.
The ministry said in a statement on Monday that the State Organization for Marketing of Oil (SOMO) exported 88.9 million barrels in January, adding that the average export per day was 2.8 million barrels.
SOMO exported 88.2 million barrels in December and seven million less in November.
The ministry also said in the statement that the exports brought a total revenue of $4.7 billion, selling a barrel at an average price of $53.29.
Iraq is financially dependent on oil revenues and low prices have worsened the country’s economic woes. Baghdad borrowed 12 trillion Iraqi dinars ($10 billion) from the central bank to cover the fiscal deficit and pay civil sector employees.
Currently, Iraqi political parties are in talks to pass the 2021 budget bill but there has been little progress due to differences, including Kurdistan Region’s share of the budget. There have also been disagreements over the average price for a barrel of oil should be set at. Source