BAGHDAD – Iraq oil exports increased in July, yielding $1 billion windfall for the country, Iraq Ministry of Oil spokesperson Assem Jihad was quoted as saying.



Revenues from oil sold on world markets “went up during July by more than $1 billion in comparison to the previous month”, he said.



The increase in revenue resulted from the high volume of oil exports, from 72 million barrels in June to 77 million barrels in July, he added.



Oil revenues topped $6.5 billion in June, or an average of $90 per barrel, while profits jumped to $7.5 billion – an average of $97 per barrel – in July, Jihad further said.



Exports from Iraq’s three oil-exporting ports – Basra, Khor Al-Umaya and the floating port – account for 90 percent of the total Iraqi oil exports.



Oil exports from Iraq’s northern oilfields are transported via pipeline to the Turkish port of Ceyhan on the Mediterranean Sea, while other exports travel to Jordan by tanker trucks.



Jihad said it is likely there will be a fresh increase in oil exports “during the next few months of this year, which in turn will be reflected in increased financial revenues.”



The oil ministry “is planning to increase oil production this year to an average of 3 million barrels a day, with an average daily export of 2.6 million barrels”, he said.



Faisal Abdullah, director of the media office for the deputy prime minister for energy affairs, said increasing oil revenues have great economic importance.



“Any increase in revenues generated by selling oil means increasing the volume of funds in state coffers,” he said.



“The accumulation of these increases will contribute toward improving the monthly income of citizens, and strengthen government efforts to achieve national development through the execution of more infrastructure projects in various economic and service sectors,” he noted.



Revenues will steadily increase when international investment companies complete their work developing Iraqi oilfields, which will increase Iraq’s oil production capacity, Abdullah added.



Uday Awwad, a member of the parliamentary energy committee, added that the past month’s increase in oil revenues was an “an indication that the oil industry in the country is on track toward gradual development.”



It will be important to build additional oil ports “to absorb the growth in production.” – Reuters