Iraq's oil exports dipped slightly in August, but still topped 55 million barrels and brought in nearly four billion dollars in revenues, the oil ministry said on Thursday.Crude exports, which account for the vast majority of Iraq's income, totalled 55.4 million barrels of oil last month, or 1.79 million barrels per day (bpd), and brought in 3.96 billion dollars, the ministry said.The average oil price for the month was 71.43 dollars per barrel.
Iraqi oil revenues dipped in February on slightly lower oil prices despite the highest level of exports in 20 years, the oil ministry said on Tuesday."Revenue was 4.229 billion dollars, based on an average price of 73.4 dollars per barrel and exports of 57.9 million barrels," ministry spokesman Assem Jihad told AFP.Iraq had revenues of 4.44 billion dollars in January, based on oil prices of 73.97 dollars per barrel.
Iran's oil exports have been slashed 40 percent in the past nine months because of tough Western sanctions, Oil Minister Rostam Qasemi was quoted as saying on Monday, in a reversal of his previous denials of any decline at all.
Iraq's oil exports and revenues from crude sales in January hit their highest levels since the 2003 US-led invasion which ousted Saddam Hussein, the oil ministry announced on Wednesday.Iraq exported a total of 67 million barrels of oil last month, generating $6.082 billion in income at an average price of $90.78 a barrel, according to figures published by the ministry."It's the highest exports and revenues for Iraq since 2003, and this will cover the budget deficit if it continues," ministry spokesman Assem Jihad told AFP.
Oil exports to the port of Ceyhan in Turkey resumed on Saturday after a week-long interruption because of sabotage to a pipeline in northern Iraq, an oil ministry spokesman said."Exports resumed today at 2:30 pm (1130 GMT). Repairs were completed faster than we had expected," Assem Jihad told AFP."We thought the work would be slowed down because of the Eid al-Adha," he said of the feast that began on Friday in most Muslim countries at the end of the annual hajj pilgrimage.
SINGAPORE — Brent slid below US$115 a barrel on Friday as fears over supply disruptions in the Middle East eased after Britain said it will not join any military action against Syria, but remained on track for the biggest monthly gain in a year.
BAGHDAD/MOSUL — Iraq’s Sunni insurgents are targeting its main northern oil pipeline, undoing plans for a massive increase in exports as violence reaches levels unseen since the darkest days of civil war.
Iraq’s ambitious plans to ramp up its oil output have been held back by poor maintenance and technical problems. Violence is making the situation worse, and, if it continues to escalate, could have a measurable impact on global supply.