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Trade Trends News
08-11-2023
2023 October saw Iraq significantly increase its oil exports and revenues hit an annual high. This was despite the continued closure of the Turkish pipeline.
Iraq exported an average of 3.534 million barrels per day in October. This was not only the highest recorded for the year, but the highest production since September 2019 as well. This is quite an achievement as the Turkish pipeline has been closed since March. Iraqi Oil reported that this was achieved by significantly increasing production from its southern fields.
A barrel of Iraqi crude oil sold for $88.26 in October. This was down from $91.35 in September.2022 Prices were in the $70 per barrel range between December and July 2023, but soared as Saudi Arabia cut production.
Iraq's revenues in October amounted to $9.669 billion due to high exports. This is the highest annual revenue since August 2022 .
This is all good news for Baghdad. It has shown it can make up for the loss of the Turkish pipeline. High revenues are also needed as the government has passed the largest budget in Iraqi history and needs to make as much money as possible.
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