Exports slump on bad weather, political problems
Federal oil sales decline as storms impede Basra Gulf loadings and northern exports are lost to KRG independent sales.
Tankers dock at the Al-Basra Oil Terminal. (BEN LANDO/Iraq Oil Report)
Iraq's oil exports declined for a fifth straight month, with an October slump largely due to inclement weather that shut in tanker loadings in the Basra Gulf.
The government sold 2.703 million barrels per day (bpd), earning $3.29 billion, the Oil Ministry said - its second-lowest monthly revenue total in five years. Iraq's production has risen steeply in that time, but the price of oil has fallen; last month, the country's average sale price was just over $39.26 per barrel.*
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