Iraq’s oil export revenues experience 3% decline in January, hitting $8.025 billion

Iraq has witnessed a three percent drop in revenues from oil exports, marking a decline from $8.316 billion in December to $8.025 billion in January. The data, released by the Iraqi Ministry of Oil, indicates a decrease of $291 million.

Specifically, revenues from oil exports through Iraq’s southern ports experienced a 1.63 percent decline, reaching $7.929 billion in January compared to the previous month’s $8.288 billion, as reported by Shafaq News.

Further analysis of the data reveals that Iraq exported 464,306 barrels of crude oil to Jordan in January, generating revenues totaling $298 million. The State Organization for Marketing of Oil (SOMO) disclosed that Iraq’s overall exports of crude oil slightly exceeded 103.5 million barrels in January, a marginal decrease from the 108.05 million barrels recorded in December.

The average daily quantity of crude oil exports for January stood at 3,338,982 barrels, with an average price per barrel at $77,536. This detailed report sheds light on the nuanced dynamics of Iraq’s oil export landscape, reflecting the impact of global market fluctuations on the nation’s economic indicators.