Iraq on Monday said that it has exported more than 99 million barrels of crude oil in May, bringing in revenues of more than 2 billion U.S. dollars.
Iraq's total exports of crude oil during the month exceeded 99.585 million barrels, with an average of 3.21 million barrels per day, Iraqi Oil Ministry said in a statement, citing the statistics of the State Organization for Marketing of Oil.
The average selling price for crude oil in May was about 21 dollars per barrel, the statement said.
About 96.39 million barrels were exported from Iraq's central and southern oil fields via Iraq's Basra port, while about 3.545 million from the northern province of Kirkuk via the Turkish port of Ceyhan on the Mediterranean, it said.
The ministry figures indicate a sharp decline in Iraq's revenue from its crude oil exports for the second successive month as a result of the lower average selling prices of 13.8 and 21 dollars per barrel in April and May respectively, down from 51.37 dollars per barrel in February.
Observers attributed the dip of the selling prices in the oil market mainly to the COVID-19 pandemic and its impact on the global economy.
Iraq's economy heavily relies on crude oil exports, which account for more than 90 percent of the country's revenues.
Editor:Cherie
