Oil revenues up, but August exports dip
Iraq is averaging higher-than-expected oil prices so far this year, but is struggling to maintain export volumes as a result of OPEC cuts and disputes with Kurdistan.
A worker from Iraq's State Company for Oil Projects welds the pipeline connecting the Zubair-1 and Zubair-2 oil depots to the Fao depot, providing more flexibility for both exports and feeding the Shuaiba refinery. (Source: Basra Oil Company)
Oil exports by Iraq's federal government dropped slightly over the past month, but revenues increased from $4.386 billion to $4.608 billion on the back of rising oil prices.
Crude shipments decreased month on month from 3.23 million barrels per day (bpd) in July to 3.216 million bpd in August.*
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