Iraq exports more than 100 million barrels of crude oil in June 2023, earning 7.1 billion USD

Iraq's Oil Ministry said the country's oil industry earned $7.1 billion from oil exports in June 2023.

Đường ống dẫn dầu Iraq-Thổ Nhĩ Kỳ ở quận Zakho thuộc tỉnh Dohuk, khu vực Kurdistan thuộc Iraq. (Nguồn: Reuters)

Despite the troubles surrounding the oil pipeline with Türkiye, Iraq still achieved impressive oil production in June. - Photo: The Iraq-Türkiye oil pipeline in Zakho district of Dohuk province, Iraqi Kurdistan region. (Source: Reuters)

Specifically, the ministry said Iraq exported 100.59 million barrels of crude oil in June 2023. According to statistics from the Iraqi State Petroleum Marketing Organization, Iraq's average crude oil price during this period was $71.1 per barrel.

Of this, 98.72 million barrels were exported from oil fields in central and southern Iraq via the port of Basra. In addition, nearly 1 million barrels from the Qayyara oil field in the northern province of Nineveh, along with 299,445 barrels of oil, were sent to neighboring Jordan in June 2023.

In late March, Iraq stopped exporting 450,000 barrels per day from its northern ports to Türkiye's Mediterranean port of Ceyhan via pipeline.

Baghdad previously won a long-running lawsuit against Ankara over allegations that Türkiye violated a joint agreement by allowing the Kurdistan Regional Government (KRG) to export crude oil through a pipeline to the port of Ceyhan.

On April 4, the Iraqi government and the KRG signed an agreement to resume oil exports through the area. However, Türkiye has suspended oil exports and wants to negotiate before resuming this activity.

Crude oil exports are vital to Iraq's economy, accounting for more than 90% of the country's revenue.

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