Due to rising oil prices; Iraq’s profits from oil sales increased

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Iraq’s oil exports average 3.35 million barrels per day. Oil sales are expected to exceed $10B in September due to rising prices.

Oil prices fell by 2% on Friday due to increased demand from the US and China, according to Reuters.

On the New York Mercantile Exchange, the price of oil rose to $97.38 a barrel, its highest in 10 months.

Profits from Iraqi oil sales have increased.

Iraq earned over $8.8 billion in oil revenues in August, thanks to an average daily production of 4.23 million barrels and 3.35 million barrels of exports, according to Oil Minister Hayan Abdul Ghani.

Brent crude, fueled by Iraq, reached $97.38 per barrel in Sep 2023, up 2%.

The price of a barrel of oil in the budget

The budget law assumes oil at $70/barrel, cutting the deficit by 3.4% and forecasting $10B oil revenues in September.

If Iraq sells oil at an average of $90 per barrel in September, it will earn approximately $10 billion.