Iraqi oil exports witnessed a slight increase during last April, compared to March, at a time Iraq adheres to the OPEC+ agreement aimed at reducing production.
The Iraqi Ministry of Oil said that oil exports rose to 2.947 million barrels per day in April, while it recorded 2.945 million barrels in March.
The ministry affirmed its commitment to OPEC+’s decision, which aims to restore balance to the markets.
Iraqi oil exports in April
The ministry stated that the total revenues from oil sales during the past month amounted to $5.5 billion, down from $5.8 billion in March.
The decline in prices over the past month comes mainly amid a drop in the price of a barrel of oil, in addition to the fact that March is one day longer than April.
During the past month, the volume of exports of crude oil reached 88,398,319 barrels, with a daily average of 2.947 million barrels, the ministry said in the statement.
Iraq is committed to the agreement to reduce production since last May, which was adopted by the OPEC+. The agreement affected the volume of Iraqi exports in normal conditions, about 107 million barrels per month.
Iraq is the second largest producer of crude oil in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia. The country produces an average of 4.6 million barrels per day in normal conditions
Iraq depends on oil revenues to finance up to 92 percent of state expenditures.
In a related context, the Iraqi Oil Minister Ihsan Abdul-Jabbar announced that the Karbala oil refinery project will be operational as a first stage in September 2022. He said it will provide many job opportunities for technicians and the unemployed.
Abdul-Jabbar also said that the ministry pays great attention to the completion of the Karbala oil refinery project.
Work in the refinery continues at a good pace now and has been stopped for several times in the past due to the circumstances of the pandemic, he said.
“The operation of the first phase of the refinery will be in September of next year 2022, and upon operating it at full production capacity, Iraq will be able to dispense with 90% of its imports of oil derivatives,” the minister said.
Keep reading: Iraqi Oil Gains Wasted Due To Corruption