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Iraq’s oil revenue rises to $6 billion in May

By TRENDS Desk
June 2, 2021 9:31 am

     

    • Iraq got a boost from high oil prices as it made some $6 billion in oil revenues.

    • The country is looking to buy from ExxonMobil a 32 percent stake in an oilfield

     

     

    The economy of Iraq received a boost from oil revenues when the country made some $ 6 billion in May alone, while the average price of a barrel of crude oil went up to $65.46, according to figures put out by the Energy Ministry of Iraq on its website.

    May’s exports were flat on the previous month at 2.9 million barrels, but with an average price of $62.5 per barrel. Iraq said last month that ExxonMobil was seeking to sell its 32.7 percent stake in the West Qurna 1 field, and that the oil ministry had started discussions with US oil companies over a possible purchase, Reuters reported in May.

    The US company plans to sell the stake in the prominent field – which has recoverable reserves of more than 20 billion barrels – in part to reduce the accumulated debt in the past year.

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