Iraq’s May Oil Exports Averaged about 2.9 Mln Bpd

Iraq’s May Oil Exports Averaged about 2.9 Mln Bpd

Iraq was hit hard by the collapse in oil prices when the COVID-19 pandemic struck and struggled to pay public sector workers. (Reuters)

Iraqi oil exports stood at about 2.9 million barrels per day (bpd) in May, little changed from the previous month, the country's oil ministry said on Tuesday.

Exports from Iraq's southern Basra terminals hit 2.8 million bpd during May, the ministry said, while shipments from Kirkuk through Ceyhan averaged about 99,000 bpd.

Iraq, which is OPEC's second-largest producer, relies on oil exports for nearly all its state revenue. It was hit hard by the collapse in oil prices when the COVID-19 pandemic struck and struggled to pay public sector workers.

Iraq's oil revenue rose to $5.88 billion in May as it sold crude at an average of $65.46 per barrel, up from $62.5 in April.