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Iraq Crude Oil Exports Reach 103 Million Barrels in Dec

In December, Iraq exported 103 million barrels of crude oil, earning 7.6 billion dollars in revenue, as the country's oil ministry reported.

Minister of Oil Ihsan Abdul Jabbar Ismail
Minister of Oil Ihsan Abdul Jabbar Ismail

The average price per barrel was 73.64 dollars in December, based on the State Organization for Marketing of Oil data.

Oil Exports from Basra and Ceyhan Ports

Most of the 100.7 million barrels were exported from the oil fields in central and southern Iraq via the port of Basra. The remaining 2 million barrels were shipped from northern Kirkuk to the Turkish port of Ceyhan.

Impact of Russia-Ukraine Crisis on Global Oil Prices

The global oil prices have risen due to the Russia-Ukraine crisis since February last year, benefiting Iraq and other oil-exporting countries. However, a decline in oil prices has recently been observed due to fears of reduced demand.

Iraq's Economy Reliant on Crude Oil Exports

The majority of Iraq's revenues, over 90 percent, come from crude oil exports, making it a crucial part of the country's economy.