Iraq’s oil money falls despite rising exports
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A floating oil platform offshore from the southern Iraqi port city of Faw, 90 kilometers south of Basra. AFP
Iraq’s oil revenue has fallen by more than USD 650 million due to plummeting crude prices in global markets although the country’s oil exports have been rising.
According to a statement by the country’s Oil Ministry on Monday, the fall in revenue came in spite of the fact that Iraq’s crude exports rose in January compared to a month before, AFP reported.
At present, the government in Iraq is facing a financial crisis due to the drastic fall in oil prices. According to the Iraqi Oil Ministry, the country’s oil was sold at an average USD 22.21 per barrel in January, which was less than half the amount projected in the 2016 budget.
Iraq exported an average of 3.28 million barrels per day of crude oil in January, showing an increase compared to 3.21 million barrels per day in December, but Baghdad’s monthly revenue fell from USD 2.92 billion to USD 2.26 billion, the Oil Ministry’s statement added.
The decrease in revenue has been attributed to a fall in oil prices, which averaged around USD 29 per barrel in December.
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