Iraq's oil revenues soar amid global price surge

Shafaq News / Iraq's oil revenues surged by 5.5% on a monthly basis, reaching $9.494 billion.

According to data and statistics released by the Ministry of Oil, September witnessed a significant uptick in oil revenues, climbing by $497 million, a 5.5% increase compared to August's earnings of $8.997 billion. Notably, oil revenues from Basra's oil exports through the southern ports increased by 7% on a monthly basis, reaching $9.423 billion, a stark contrast to August's $8.781 billion.

The data also revealed that Iraq exported crude oil to Jordan through pipelines, generating revenues of $35 million for 449 thousand barrels.

Economic analyst Mohammad Al-Hasani attributed this financial upswing to the rise in oil prices, despite a decrease in production during September, emphasizing a price difference of $9 compared to August. He noted that these exports persisted, buoyed by the global oil price surge following OPEC nations' production cuts, which surpassed $95 per barrel.

Furthermore, the reduction in oil production created a gap between supply and global demand, amplifying oil prices despite discouraging economic data from China and the United States.

Al-Hasani anticipated oil prices to exceed $100 per barrel by year-end if OPEC continues its oil production cuts.