The Magazine for Asian Investors
According to the Iraqi Oil Ministry, Iraq exported 101.85 million barrels of crude oil in August, worth $9.78 billion.
Statistics from the State Oil Marketing Organization (SOMO) show that the average price of crude oil in August was $96.05 per barrel.
A total of 100.75 million barrels of oil were exported from the oil fields in central and southern Iraq via the port of Basra. From the northern province of Kirkuk, around 1.10 million barrels of oil were exported to the Mediterranean Sea via the Turkish port of Sheehan.
Since the COVID pandemic subsided, oil prices have risen worldwide, benefiting Iraq and other oil-exporting countries.
The Iraqi economy is highly dependent on oil exports, which account for more than 90% of revenues.