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Iraq's oil exports fall in July

Exploration & Production

Iraq’s oil ministry said that the country’s oil exports in July compared to the previous month but oil revenues increased as average crude prices rose.

 

Iraq exported 67.2 million barrels in July, earning revenues of US$7.311 billion, according to figures published on the oil ministry website.

Iraq exported 68.2 million barrels in June, but revenues were lower for that month at US$7.173 billion.

The higher revenues were due to an increase in the average oil price to US$108.79 over the course of July, the highest such average this year, the figures showed.

The July revenue figure was the second-highest monthly figure since 2003 US led invasion. May 2011 represents the overall high.

Average daily exports in July were 2.17mn bpd, a small decrease from June's figure of 2.27mn bpd.

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