Iraq exported about 101.24 million barrels of crude oil in January, generating $7.69 billion in revenue, the country’s oil ministry announced.

The average price for Iraqi crude oil in January was $75.96 per barrel, the ministry said in a statement, citing statistics from the State Organization for Marketing of Oil, Xinhua news agency reported.

About 98.46 million barrels were exported from oil fields in central and southern Iraq via the port of Basra, while more than 2 million barrels from the northern province of Kirkuk via the Turkish port of Ceyhan on the Mediterranean, the statement said.

Oil prices have risen in global markets since the outbreak of the Russia-Ukraine conflict in February last year, benefiting Iraq and other oil-exporting countries. However, the prices witnessed a decline in the past few months because of fears of lower demand for oil in global markets.

Iraq’s economy heavily relies on crude oil exports, which account for more than 90 per cent of the country’s revenues.
Source: IANS