Iraq's Oil Revenues Surged by 13% to Over One Billion Dollars in July

Shafaq News/ Iraq's oil revenues experienced a remarkable monthly increase of 13%, surpassing the one-billion-dollar mark for July, reaching $8.293 billion. An expert attributes this substantial rise to improved oil prices.

Data from the Iraqi Ministry of Oil, as revealed by Shafaq News Agency, highlight that total oil revenues for July surged to $8.293 billion, marking a 13.43% increase compared to June's $7.179 billion.

Oil revenues generated from Basra oil exports through the southern ports climbed by 13.54% on a monthly basis, reaching $8.207 billion, compared to June's revenues of $7.096 billion.

The data further disclosed that Iraq exported crude oil to Jordan, yielding revenues of $22 million from 344,000 barrels.

Economist Hamza Al-Jawahiri, in an interview with Shafaq News agency, attributed the rise in financial revenues to "increased quantities of oil exports, coupled with July's 31 days, which provided an additional day for exporting crude oil."

Al-Jawahiri also highlighted the role of rising oil prices in this surge, which saw prices climbing from $73 to $85. This uptick can be attributed to the OPEC+ agreement to reduce production, notably Saudi Arabia's additional cut of one million barrels for August.