Iraq exports 100M barrels of oil in June

BAGHDAD: Iraq exported about 100.59 million barrels of crude oil in June, generating $7.1 billion in revenue, the country’s Oil Ministry announced Saturday.

The average price for Iraqi crude oil in June was $71.1 per barrel, the ministry said in a statement, citing statistics from the State Organization for Marketing of Oil, an Iraqi company.

About 98.72 million barrels were exported from oil fields in central and southern Iraq via the port of Basra, and nearly 1 million barrels from the Qayyara oil field in the northern province of Nineveh, and 299,445 barrels were sent to neighboring Jordan during the month, the statement said.

Oil exports from the northern province of Kirkuk via the Turkish port of Ceyhan on the Mediterranean are suspended after Baghdad won an arbitration case against Türkiye in late March over a long dispute on the independent export of oil by Iraq’s semiautonomous Kurdistan Regional Government.

On April 4, the Iraqi federal and Kurdistan Regional Government signed an interim agreement to resume Kurdish oil exports via Türkiye. But Türkiye continued to halt the oil flow, saying it wants to negotiate the arbitration before oil exports resume.

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