Iraq’s July oil exports hit five-year low, but revenues rise

Iraq's nationwide crude exports fell in July to 3.192 million barrels per day (bpd), their lowest monthly average since 2015, as the Oil Ministry continued to throttle back output in accordance with an OPEC-plus production agreement.

Global oil prices have risen in recent months due to a variety of factors – including supply reductions, an improved demand outlook, and relative weakness in the dollar – which helped boost the federal government's oil export revenues to a five-month high of $3.492 billion, despite lower volumes.