São Paulo – Iraq exported 111.6 million barrels of crude in August, the highest monthly volume to date this year, its Ministry of Petroleum said. The amount is up 12% from 99.7 million in August 2017.
Ministry spokesman Assim Jihad said the oil originated from southern and central Iraq, and that price per barrel averaged at USD 69.59.
Oil exports fetched USD 7.7 billion last month, up 67% from USD 4.6 billion in August 2017, due to a hike in international oil prices.
Petroleum is the primary source of revenue for Iraq, and one of a handful of sources of foreign currency. Year-to-date through August, Iraq saw USD 60 billion in oil revenues.
Demonstrators across the country have been questioning how oil income is spent. At 4.5 million barrels per day, Iraq is one of the leading producers in the Organization of Petroleum Exporting Countries (OPEC).
The country’s economy was severely impacted by a civil war and the oil price slump in the last few years. It has reached an agreement with the International Monetary Fund (IMF) in a bid to stabilize its finances and improve fiscal management.
Translated by Gabriel Pomerancblum
