Oil exports dropped in August, says Oil Ministry

 Representational file photo.
Representational file photo.

( Baghdad – The Oil Ministry announced on Tuesday a reduction in the exported quantities of crude oil for the month of August to more than 95 million barrels, pointing out that the rate of the earned income amounted to nearly four billion dollars.

Ministry spokesman Assem Jihad said in a statement received by “statistics issued by the Iraqi oil marketing company SOMO for exporting crude oil saw a decline for the month of August, due to some technical problems in the southern ports and the drop in oil exports through the Turkish port of Ceyhan.”

Jihad said that “the total volume of oil exports for the month of August amounted to 95.447 million barrels compared to last July, in which oil exports reached 96.245 million barrels,” noting that, “the revenue amounted to three billion and 874 million dollars, while the price per barrel average was $40 and 598 cents.”

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  1. There is global oversupply of oil and OPEC is unwillingness to cut production, so Iraq’s situation will continue until OPEC does cut production.

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