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Iraq oil revenues rise amid higher prices

Revenues came to $7.68bn in October

Iraq has announced preliminary oil revenues of $7.68bn for October, up by 13 per cent from $6.78bn in September.

The higher revenues were driven by higher global oil prices and came despite a decline in the volume of oil exported.

In a statement, the Ministry of Oil said that 96,708,660 barrels of oil were exported in October via the state-owned oil marketing company Somo.

In September, 92,422,485 barrels of oil were exported.

According to Somo, the total quantity of crude oil exported in October from oil fields in central and southern Iraq amounted to 93,386,975 barrels.

Oil from fields in Kirkuk that was exported through the Ceyhan port, amounted to 3,011,917 barrels.

A total of 309,768 barrels of oil were exported to Jordan.

In October the average price per barrel was $79.38 up from $73.33 in September.

Last week, both Kuwait and Iraq voiced support for sticking to plans to raise oil output by 400,000 barrels per day (b/d) at an Opec+ meeting, as the US called again for extra supply to cool rising prices.

On 1 November, Kuwait’s oil minister Mohammad Abdulatif al-Fares said that his country supports the existing plan to raise output, which would ensure adequate crude supply to balance the global market, state news agency Kuna reported.

Iraq’s state oil marketing company, Somo, said on 30 October that the Opec member sees raising output as already planned would be sufficient to meet demand and stabilise global markets.

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