Iraq hits half-year oil revenue target

Exports dipped slightly in June, but strong global prices have helped Iraq meet its budget projections for oil sales so far this year.
Iraq hits half-year oil revenue target
A tanker loads crude at the southern Iraq al-Basra Oil Terminal (ABOT) in the Basra Gulf on June 19, 2019. (SAMYA KULLAB/Iraq Oil Report)

Iraq’s oil exports dropped by 3.5 percent between May and June, though nationwide oil sales – of 3.946 million barrels per day (bpd)*remain near record levels.

Half way through the year, Iraq has sold less oil than anticipated in the federal budget, but strong global prices have helped the government meet its own revenue expectations, with just over $40 billion in oil proceeds.

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