$39B in oil revenue through May, though exports drop

Iraq is on track to hit $100B in oil sales this year – pending prices – though May output has slightly dropped following two record months.
Iraqi and foreign-contracted workers drilling a well at the Rumaila oil field. It's on track to become one of the largest producing field in the world. (BEN LANDO/Iraq Oil Report)

BAGHDAD - Oil exports decreased an average 56,000 barrels per day (bpd) over April, but oil prices at $105 per barrel meant Iraq still earned $8 billion last month, a massive consolation for the output dip.

Oil Ministry figures released over the weekend said Iraq exported an average 2.452 million bpd in May, with Iraqi crude fetching well above the $85 per barrel estimated in this year's budget.

This content is for registered users. Please login to continue.
If you are not a registered user, you may purchase a subscription or sign up for a free trial.