Iraq reports highest monthly oil revenue in over a year

Iraq received over $9 billion in crude oil sales in the month of September, the country’s highest in monthly oil revenue since August last year.

In its preliminary monthly report on Tuesday, Iraq’s oil ministry said that the country exported more than 103 million barrels of crude oil in the previous month, at a rate of 3.4 million barrels per day, and an average price of over $92 per barrel.

The sales brought in nearly $9.49 billion dollars, a significant increase from August’s $8.99 billion, and Iraq’s highest monthly oil revenue since August 2022 when it collected over $9.68 billion.

September’s earnings bring Iraq’s total oil revenue for the current year to over $70 billion.

Iraq’s economy experienced a significant growth compared to previous years in 2022, mainly driven by a record-breaking $115 billion revenue from oil sales during that year.