Iraq exports over 100 mn oil barrels in Oct, rakes in $9.25 bn in revenue

Iraq exported 104.83 million barrels of crude oil in October, generating $9.25 billion in revenue, the country's Oil Ministry has announced.

The average price for Iraqi crude oil in October was 88.31 dollars per barrel, the Ministry said in a statement on Tuesday, citing statistics from the State Organisation for Marketing of Oil.

A total of 102.7 million barrels were exported from oil fields in central and southern Iraq through the Port of Basra, while more than 2 million barrels were exported from the northern province of Kirkuk through the Turkish port of Ceyhan on the Mediterranean, the statement added.

Oil prices have risen in global markets since the outbreak of the Russia-Ukraine crisis in February, benefiting Iraq and other oil exporting countries, Xinhua news agency reported.

Iraq's economy heavily relies on crude oil exports, which account for more than 90 per cent of the country's revenues.

--IANS

int/khz/