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. 

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