High oil prices lift Iraq's oil revenue over $7 billion in April

High oil prices lift Iraq's oil revenue over $7 billion in April

/ Financial News / Monday, 06 May 2019 08:35

Iraq made more than $7 billion in April from its crude exports, the highest monthly revenues yet this year, according to figures released by the oil ministry.

Federal authorities exported just under 104 million barrels last month, averaging at 3.47 million bpd. It had exported over 104 million barrels in March.

But a spike in its oil price to $67 per barrel meant Iraq raked in just over $7 billion in April, around $300 million more than the previous month.

Iraq is currently the fifth-largest oil producer and exporter worldwide, and the second-largest producer from among the Organization of the Petroleum Exporting Countries (OPEC). It has the capacity to produce 4.6 million bpd, but has trimmed back in recent months in agreement with other producers in order to boost prices.

The United States is set to end sanctions relief this month for eight countries importing Iranian crude, sparking concerns of a possible shortfall in world supply.

Iraq has said it could boost its production to meet a potential gap but would do so only in coordination with fellow OPEC members.

Oil Minister Thamer al-Ghadban said OPEC countries would meet in Saudi Arabia on May 19.

According to a report released by the International Energy Agency, Iraq is on track to be the world's third-largest crude producer by 2030.

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