Iraq’s Oil Revenues Exceed $4bn in July

Revenue from Iraq’s crude oil exports increased 3% to $4.009 billion in July, compared with $3.889 billion in June, the Iraqi oil ministry said in a statement Tuesday.

It said Baghdad sold its crude oil at an average price of $71.21 a barrel in July (versus $71.10 per barrel in June).

July oil revenue brought Iraq’s oil sales for the first seven months of 2010 to $29.461 billion.

Iraq’s total oil revenue in 2009 hit $41.329 billion, down sharply from $60 billion in 2008 when oil prices reached a record high of $147 a barrel.

Volumes increased from 54.7 million barrels in June to 56.3 million barrels in July.

On a barrels-per-day basis, exports slipped slightly to 1.816 million barrels per day (bpd) in July from 1.823 million bpd the month before.

Iraq exported an average of 1.432 million bpd from the southern oil hub of Basra and 383,000 bpd from the northern oilfields around Kirkuk, including 10,000 bpd by trucks to Jordan, according to Reuters.

(Sources: Dow Jones, Aswat al-Iraq, Reuters)

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