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ECONOMY
Workers go about their tasks at the Basra Gas Company in Khor al-Zubair city in southern Iraq on September 22, 2021. Photo: AFP
ERBIL, Kurdistan Region – Iraq pocketed more than seven billion dollars from oil sales in December, the ministry announced on Saturday, noting a slight fall in revenues compared to the month before.
Iraq exported 101.5 million barrels of oil in December, with an average daily exports of 3.27 million barrels, the oil ministry said.
The exports brought in $7.37 billion, selling at over $72 per barrel, it added.
The Iraqi government is dependent on oil revenues to cover its costs and pay the salaries of civil servants. Record low oil prices during the pandemic last year caused a financial crisis in Iraq, but a recent boost in oil markets and the central bank’s decision in December to devalue the dinar against the dollar have eased the crisis.
A source from the Iraqi Central Bank last month told the country’s state newspaper that the bank’s reserves have increased from $51.9 to $64 billion "due to a rise in the oil markets.”
In November, Iraq exported over 98 million oil barrels, pocketing over $7.59 billion. In October, it increased exports by more than four million compared to the month before.
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