May oil revenues hit 16-month high

Iraq's nationwide oil exports fell slightly month on month, but rising oil prices more than made up the difference.
May oil revenues hit 16-month high
A worker maintains equipment at the Shirawa oilfield outside Kirkuk. (KARIM SAHIB/AFP/Getty Images)

Iraqi oil exports in May averaged 3.336 million barrels per day (bpd), according to Oil Ministry and industry data — a slight decline from April for both the federal government and Kurdistan Regional Government's (KRG) oil sectors.*

The average price for Iraqi oil increased by nearly $3 per barrel, giving the federal government $5.918 billion in oil revenue last month, up from $5.550 billion in April, and the highest monthly total since $6.163 billion in January 2020.

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