Iraq’s October Oil Export 'Highest This Year'

  • Volumes down, but revenues up

Revenue from Iraq’s crude oil exports rose to $4.53 billion in October, the highest level this year, the State Oil Marketing Organization (SOMO) has revealed.

The average price for exports in October was $77.10 per barrel, up from $73.07 in September and $71.43 in August.

The country exported 46.2 million barrels from Basra in October, bringing in revenue of $3.53 billion.

Shipments from the northern oil hub of Kirkuk, often the target of insurgent attacks, stood at 12.5 million barrels in October, down from 15.4 million barrels in September. Sales from Kirkuk generated $993 million, down from $1.15 billion the previous month.

Overall exports in October dropped by 4 percent to 58.7 million barrels, or about 1.89 million barrels a day, down from 60.6 million barrels, or 2.02 million barrels a day, in September.

(Sources: SOMO, Bloomberg)

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