Iraq’s oil export earnings in August stood climbed around $8.9 billion to reach their highest level since the start of 2023, according to official data.

The August income broke the previous monthly earnings of nearly $8.3 billion achieved in July following a surge in crude prices.

The figures by the Oil Ministry, published by Aliqtisad News and other Iraqi publications on Wednesday, showed OPEC’s second largest oil producer exported around 106 million barrels during January-August.

Crude prices during that period averaged $84.7 a barrel, way above the $70 price assumed in the 2023-2025 budget, the report said, adding that 38 global firms bought Iraqi oil.

The value of Iraqi oil sales stood at around $7.1 billion in June, $7.3 billion in May and between $7 billion and $7.7 billion in the previous months.

In a recent report, the Finance Ministry said the 2023-2025 budget is based on an average oil price of $70/barrel and crude exports of 3.5 million bpd, including nearly 400,000 bpd from the Kurdistan region.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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