BAGHDAD (Pakistan Point News / Sputnik - 02nd June, 2020) Iraq's crude oil exports in May fell by 3.6 million barrels month-on-month to 99.5 million, although monthly revenues rose as global oil prices rebounded from historic lows, Oil Ministry spokesman Asem Jihad said in a statement on Monday.
"According to preliminary estimates by the Iraqi state-owned company SOMO, Iraq exported 99.5 million barrels of oil in May, with revenues of $2.09 billion," Jihad stated, adding that the average cost per barrel of Iraqi oil was $21.00
In April, Iraq exported 103.1 million barrels of oil, although revenues were much lower at $1.4 billion, as the average price of crude crashed to $13.80 per barrel amid the ongoing disruption caused by the coronavirus disease outbreak.
The OPEC+ countries' initial inability to agree on a new crude output cut deal in March, which triggered a price war and production increases, also influenced the rapid fall in oil prices.
A deal was eventually reached on April 12 that will see OPEC+ countries reduce output by a combined 9.7 million barrels per day in May-June, 7.7 million barrels from July to the end of 2020, and 5.8 million barrels daily from January 2021 through April 2022.
