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Oil revenues crash, dragging Iraq deeper into crisis

High April export levels were no match for a spiraling oil price down nearly 80 percent since January.
A Basra Gas Company worker at the Nahr Bin Omar oil field takes part in the opening of a new pipeline sending gas to the national network on Jan. 12, 2017. (JASSIM AL-JABIRI/Iraq Oil Report)

Iraq's April oil revenues collapsed to their lowest level in more than a decade, dragging the country deeper into a financial crisis that has paralyzed both the federal government and the semi-autonomous Kurdistan Regional Government (KRG).

Nationwide crude sales held relatively steady, averaging 3.854 million barrels per day (bpd) in April.

The federal government posted crude sales of 3.438 million barrels per day (bpd)* – its highest monthly average so far this year – but earned just $1.510 billion, leaving it far short of the cash required to pay public sector salaries and other basic expenses.

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