The Strategist

Iraq renews record revenues from monthly oil exports in May

06/02/2022 - 06:46

According to a statement from Iraq's Oil Ministry, the country set a new monthly record for oil export profits in May, earning $11.4 billion.

Gennadiy Kolodkin
Gennadiy Kolodkin
Data of Iraq's official oil marketing office shows that total crude oil exports were 102,303,020 barrels, with profits of $11.436 billion (SOMO).

During the reporting period, the average daily volume of oil exports was 3.3 million barrels at an average cost of $111.79 a barrel.

At an average oil price of $108.5 per barrel, Iraq's oil exports in March set a 50-year high of about $11 billion. At an average barrel price of $104.6, export receipts in April fell short of March's estimates, totaling $10.6 billion.