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Iraq exports dip but revenues hit new record

Monthly oil revenues topped $11 billion, boosted by high global prices, but export levels slipped as Iraq bumps up against infrastructure constraints.
Tankers load at the Al-Basra Oil Terminal in the Basra Gulf (BEN LANDO/Iraq Oil Report)

Iraq's countrywide oil exports fell to an average 3.729 million barrels per day (bpd) in May,* a month-on-month decline of around 90,000 barrels per day.

Despite the dip in federal exports, which can partly be explained by delays to tanker loadings as a result of sandstorms, sharply higher oil prices led to an increase in monthly revenues to a new record of $11.437 billion, according to preliminary Oil Ministry estimates.

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