ERBIL, Kurdistan Region - Iraq generated more than $6.48 billion in oil revenues in January after exporting over 107.6 million barrels of crude, the country’s oil ministry announced on Wednesday.
In a statement citing data from the Iraqi Oil Marketing Company (SOMO), the ministry said crude oil exports, including condensates, "totaled 107,616,220 barrels, bringing in revenues exceeding $6,485,294,000."
According to the data, 101,160,349 barrels were exported from oil fields in central and southern Iraq, while 6,455,871 barrels were shipped from the Kurdistan Region via Turkey’s Ceyhan port.
Compared with December, export volumes declined by 34,841 barrels. However, revenues increased by $96,865 due to higher global oil prices.
Iraq remains the second-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), after Saudi Arabia. The country produces an average of 4.4 million barrels per day and exports approximately 3.4 million barrels daily.
The monthly export report was released a day after Oil Minister Hayyan Abdul Ghani said Kurdistan Region exports currently range between 200,000 and 210,000 barrels per day, as Iraq moves closer to meeting its overall export targets.
In remarks to the state-run Iraqi News Agency on Tuesday, Abdul Ghani said total oil exports have surpassed 3.4 million barrels per day, adding that authorities are working to raise the figure to more than 3.45 million barrels daily.
Oil exports from the Kurdistan Region resumed in September after a suspension lasting more than two years, following an agreement between the Kurdistan Regional Government (KRG), Baghdad, and international oil companies operating in the region. In late December, the parties agreed to extend the deal for an additional three months to ensure stable exports through the first quarter of the year.
Exports had been halted since March 2023, when Turkey suspended roughly 450,000 barrels per day of Iraqi crude flowing through the Kirkuk–Ceyhan pipeline after losing a major arbitration case in Paris. A tribunal under the International Chamber of Commerce ordered Ankara to pay $1.5 billion in damages to Baghdad for breaching a 1973 treaty by allowing the KRG to export oil independently.
Last week, SOMO said it is working to renew the agreement once again to maintain export stability.
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