ERBIL, Kurdistan Region - The Iraqi oil ministry said late Friday that it collected $11.5 billion in oil revenue last month, setting a third high record this year. In its monthly report, the ministry revealed that the country exported nearly 101.2 million barrels of crude oil in the month of June, with an average export rate of 3.3 million barrels per day. The oil sales generated a total gross amount of 11.505 billion dollars at the average price of $113.7 per barrel. The numbers for June slightly exceeds that of May, which was $11.436 billion, as well as March, which at the time was deemed as the country’s highest financial income from oil sales since 1972 with $11.07 billion. Iraq has pocketed an estimated 61.371 billion dollars from oil exports in the first sixth months of 2022, almost doubling the figures from the first half of 2021 which was 33 billion dollars. Global oil prices have soared amid shortfall fears following Russia's invasion of Ukraine, with the US repeatedly urging members of the Organization for the Petroleum Exporting Countries (OPEC) to increase their oil production in efforts to stabilize the market. Iraq is also part of the agreement on production levels. The Iraqi government is dependent on oil revenues to cover its costs and pay the salaries of civil servants. Despite suffering in much of 2021 due to record low oil prices, the country’s economy is once again booming as oil prices are increasing globally.
