Iraq surpasses $8.3b in December oil export revenues, maintaining strong position in global market
Iraq achieved robust oil export revenues, surpassing $8.3 billion, as confirmed by the Ministry of Oil. Data from the State Organization for Marketing of Oil (SOMO) outlined total crude oil exports exceeding 108.05 million barrels, generating revenues of over $8.31 billion.
Notably, central and southern Iraqi oil fields contributed 107,592,532 barrels to this total, with an additional 464,058 barrels exported to Jordan. Despite a slight decrease in the average price per barrel to $76.96, compared to November’s $82.36, the overall export figures demonstrated Iraq’s continued strength in the global oil market.
Throughout 2023, Iraq consistently showcased its oil production prowess. October witnessed an average daily export quantity exceeding 3.53 million barrels, coupled with a robust average price of more than $88.26 per barrel. September maintained a high average daily export quantity at 3.43 million barrels. This solid performance followed a trend that saw August’s exports surpass 106.12 million barrels, yielding revenues of $8,997,851, and July recording over 106.75 million barrels, with revenues reaching $8.3 billion. This sustained momentum is indicative of Iraq’s significant role in the international oil trade.
The preceding months in 2023 further underscore Iraq’s economic impact through oil exports. June’s revenues stood at about $7.11 billion, slightly below May’s $7.3 billion. In April, Iraq’s oil export revenues exceeded $7.69 billion, and March recorded over 100.9 million barrels exported, generating revenues just above $7.5 billion. The consistent performance in the earlier months of the year contributed to Iraq’s overall strong position in the global oil market, as reflected in its impressive annual export figures.
