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UPDATE: October revenues rise, though oil exports decline

Strong global oil prices helped Iraq compensate for its second straight month of decreasing export rates.
Tankers dock at the Al-Basra Oil Terminal. (BEN LANDO/Iraq Oil Report)

On Nov. 26, the Oil Ministry released its final official statistics for October, updating its Nov. 1 statement of preliminary data for that month. It included numerous data point changes that impacted the original story. The new information is listed below, followed by the original story:

Final October 2018 federal Iraq exports data show an average 3.478 million bpd, an increase from the preliminary data. This included a total of 291,253 bpd from the North Oil Company, which is likely an accumulation of some of the crude sold via the now-ended trucking to Iran or, possibly, trucked crude from Qayarah to Turkey. Due to a write down of the average price per barrel that Iraqi crude was sold for down to $73.384 per barrel, however, federal government oil revenues settled at $7.908 billion, a decrease compared to the preliminary data.

Iraq’s federal government topped $8 billion in monthly oil revenue for the first time since May 2014, as strong global prices in October helped offset a reduction in exports.

The semi-autonomous Kurdistan region's exports, via Turkey, rose by seven percent, though an increase in heavy crude blending pushed down the API gravity of the oil.

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