Oil exports and revenues slump in November
Export volumes are expected to slide further as Iraq makes new OPEC-plus commitment to support prices with reduced output.
An oil tanker loads Iraqi crude at the al-Basra Oil Terminal at night. (BEN LANDO/Iraq Oil Report)
Iraq’s November oil exports dipped to 3.433 million barrels per day (bpd), coming off an eight-month high of 3.534 million bpd achieved in October, according to Oil Ministry data. *
The monthly fall in export volumes and lower international oil prices resulted in a drop in monthly revenues by $1.2 billion. Baghdad’s oil export earnings came in at $8.482 billion last month from $9.594 billion in October, with the average per barrel sale price sliding to $82.365 from $87.577.
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