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Iraq increases oil revenue in May despite falling global prices
[Rudaw] Through increased exports in the volume of oil, Iraq took $7.38 billion in revenue for May compared to $7.11 billion in April, according to Baghdad.On average, Iraq exported 3.572 million barrels per day (bpd) in May. The average price per barrel sold was $66.683 ‐ slightly down from the $67.419 mark in April, according to the Iraqi Ministry of Oil. However in total, Iraq exported nearly 111 million barrels in May, compared to 104 million barrels in April. The exports consisted of 3.441 million bpd per southern oil fields, 102,000 bpd from Kirkuk, ... a thick stew of Arabs, Turkmen, Kurds, and probably Antarcticans, all of them mutually hostile most of the time... and 29,000 from Qayyara. Price for Brent Crude Oil traded internationally around $70 per barrel in early May, but fell sharply through the month to under $64 at the end of the month. Total oil exports from Kirkuk ‐ which had dropped from 3.06 million barrels in March to 2.57 million barrels in April ‐ rebounded to about 3.16 million barrels for May. Kirkuk averaged 102,000 bpd of exports through the Ceyhan pipeline that terminates in the Iraq's increased supply coincides with US sanctions targeting Iran a reduction of the Islamic Theocratic Republic's exports from 2.5 million bpd in April 2018 to as little as 400,000 bpd, according to recent reports. "Producers of heavy and medium sour crudes like Soddy Arabia ...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... , Russia, UAE, and Iraq are amongst the winners from US sanctions aimed at Iranian shipments," it reported. ...Qatar's colony in Asia Minor.... , which says it is abiding by US sanctions not to purchase oil from Iran, has increased oil imports from Iraq to make up for the gap, according to Turkey's energy watchdog, the Energy Market Regulatory Authority. Turkey was one of eight waivers that received initial waivers by the United States to wean itself off of Iranian oil. The others were Italia, India, China, Japan, South Korea, and Taiwan. The Organization of the Petroleum Exporting Countries (OPEC), of which Iraq is a founding and the second-most producing member, has previously said that it wants to prevent oversupply in the global market which would lower prices. Brent Crude prices continued to slide on Wednesday, trading around $60 on Monday morning. OPEC members are expected to meet later this month or in July to strategize for the second half of this year. Posted by: trailing wife 2019-06-06 |
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