Iraq crude sales slump in May, but revenues inch up

Iraq crude sales slump in May, but revenues inch up

In May, Iraq sold 99.5 million barrels of crude oil at an average price of $21, earning $2.09 billion for the month. BAGHDAD: Iraq sold fewer than 100 million barrels of crude in May, its Oil Ministry announced Monday, but recovering prices saw it rake in more revenues than the previous month.. Iraq had already asked the international oil companies which produce its oil to cut down on their expenses, which are reimbursed quarterly by the Iraqi government.. Lloyd's of London this month forecast more than $100 billion in underwriting losses from the pandemic in 2020, with those losses coming before the hurricane season even gets going.. The National Oceanic and Atmospheric Administration (NOAA) sees 13-19 named storms of which 6-10 could become hurricanes.. The average hurricane season produces 12 named storms and six hurricanes, three of which are major.. Analysts at JMP Securities expect rate rises of 25-35 percent.. The rate rises could sweeten the pill for insurers and reinsurers, which also face $100 billion in investment losses this year, according to Lloyd's' estimates.. The Bahamas would be particularly vulnerable, Munich Re said, as it continues to deal with last year's Hurricane Dorian, while the pandemic has also hit