Iraq’s oil exports drop 0.8% m/m in August

By bne IntelliNews September 28, 2015

Iraq exported 95.5mn barrels of crude oil in August, marking a mild 0.8% m/m contraction on lower exports from the Basra region that were partially mitigated by rising exports from the Kurdish Kirkuk province, the ministry of oil reported.

Exports from the southern Basra region fell 1.4% m/m to 93.7mn barrels whereas those from Kirkuk jumped 38% m/m to 1.8mn barrels.

Falling oil prices during the month, however, continued to weigh on oil income that fell 19% m/m to $3.93bn in August. The average oil price per barrel sank to $41.1 a barrel from $50.26 a barrel in July.

Iraq's Finance Ministry recently forwarded to the cabinet the new 2016 draft budget, setting IQD113.5tn ($100bn) in spending and forecasting an IQD29.4tn deficit. The new budget forecasts an oil price of $45 per barrel. The 2015 state budget assumed a $56 a barrel oil price.

The oil rich country plans to borrow $6bn from international investors to help bridge the budget gap. 

Related Articles

UAE’s Masdar, Uzbekhydroenergo partner up to evaluate potential of national hydro power storage

United Arab Emirates renewable energy company Masdar has partnered with Uzbekhydroenergo to evaluate the potential of national hydroelectric power storage projects. Masdar and Uzbekhydroenergo, a ... more

Morocco allocates 10,000 sq km to green hydrogen projects

The Moroccan government plans to allocate 10,000 square kilometres to green hydrogen projects as it continues its steps towards energy transition, according to a statement from the cabinet on March ... more

Egypt's president approves $5.8bn social protection package

Egyptian President Abdul Fattah El Sisi has announced an urgent EGP 180bn ($5.82bn) social stimulus package to be implemented starting in March.  The announcement on Wednesday ... more

Dismiss