Iraq’s oil income grew by 6.67% month on month to $8.846 billion, according to an economist, owing to the surge in oil prices.
According to data and figures obtained by Shafaq News Agency from the Ministry of Oil, overall oil income for the month of August climbed by $553 million, or 6.67%, to $8.846 billion on a monthly basis, up from $8.293 billion in July.
Total oil receipts from Basra oil exports through southern ports grew by 7% month on month to $8.781 billion in August, up from $8.207 billion in July.
According to the report, Iraq exported crude oil to Jordan through basins, earning $33 million in income on 464,000 barrels.
According to economic expert Muhammad al-Hassani, the increase in financial revenues is due to “an increase in Iraq’s oil exports for the month of August by one million barrels to reach 106 million barrels,” but “these exports remained restricted due to delays in modernizing infrastructure, due to delays in modernizing pumping stations.”
“Prices got support from the rise in global oil prices, which amounted to between 84 and 87 dollars, due to the agreement of the OPEC + organization to cut its production, which led to a reduction in oil supply, which led to a rise in global oil prices despite the slowdown in the growth of the Chinese economy and the raising of US interest rates due to inflation, which leads to a slowdown in its economy,” he added.