It is official, Iraq's oil revenue surges to $9 billion in October
Iraq generated over $9 billion in oil revenues in October, continuing its impressive run of increasing oil revenues.
Iraq's oil ministry has released its preliminary monthly report, which shows that oil revenue has grown for the fourth consecutive month.
During the previous month, Iraq exported over 109 million barrels of crude oil, maintaining an average daily export rate of 3.5 million barrels, according to the report. During October, these exports brought in $9.66 billion in revenue at an average price of $88.2 per barrel.
This figure is slightly lower than September's revenue of $9.49 billion, but represents Iraq's highest oil revenue since August 2022, when over $9.68 billion was collected.
As of 2023, Iraq's oil ministry has reported cumulative earnings of nearly $80 billion from oil sales, following a record-breaking $115 billion generated in 2022.
Iraq has been committed to adhering to the OPEC+ production cuts as part of its oil production strategy. Iraq announced in April that it would reduce its oil production by 211,000 barrels per day, which went into effect in May and will last until 2023. Since November of last year, two million barrels of oil per day have already been cut.
It is essential to note that oil revenue serves as Iraq’s primary source of income, and the federal government relies heavily on these sales to cover its expenses and pay salaries to its civil servants. Although global oil prices fluctuate and production cuts are implemented to balance the market, this sustained growth in oil revenue is seen as a positive sign for Iraq's economic stability and growth prospects.
