Iraq’s crude exports exceed 98 mln barrels in November: ministry

BAGHDAD, Dec. 1 (Xinhua) — Iraqi Ministry of Oil said on Wednesday that the country exported 98.19 million barrels of crude oil in November, bringing in revenues of about 7.59 billion U.S. dollars.

The average selling price for crude oil in the month was 77.33 dollars per barrel, according to a ministry statement, citing statistics of the State Organization for Marketing of Oil.

About 95.86 million barrels were exported from oil fields in central and southern Iraq via the Port of Basra, while about 2.32 million barrels from the northern province of Kirkuk via the Turkish port of Ceyhan on the Mediterranean during the month, the statement said. It added that crude oil exports for the month were at an average of 3.27 million barrels per day.

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 oil prices 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. Iraq’s economy heavily relies on crude oil export, which accounts for more than 90 percent of the country’s revenues.