Crude loadings from the Turkish port of Ceyhan by both the federal and Kurdistan regional governments increased over the past month, raising Iraq to a monthly nationwide export average of 3.049 million barrels per day (bpd) in September — still near six-year lows.
The average price of oil dropped by nearly $3 per barrel compared to August, which led to lower monthly oil revenues, on which Iraq relies on for more than 90 percent of its national budget.
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