Iraq, OPEC’s second largest oil producer, earned more than $70 billion from crude exports in the first 9 months of 2023 after a surge in oil prices.

The earnings account for more than 77 percent of the projected oil income of around $90 billion in the 2023 budget, according to the Oil Ministry.

In a report published by the National Iraqi News Agency on Monday, the Ministry said a recent surge in prices boosted Iraq’s oil income in September to its highest monthly level of nearly $9.5 billion in many years.

This boosted the total oil revenues to around 70.7 billion in the first 9 months of 2023, according to the report.

It estimated crude prices in September at about $92 a barrel and Iraq’s production at nearly 3.438 million barrels per day (bpd). 

Read more: Iraq reports surge in oil income

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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