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Iraq’s October oil export revenue reaches highest level in year

AMMAN - Revenue from Iraq’s crude oil exports rose to $4.53 billion in October, the highest level this year, the State Oil Marketing Organisation said.

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The average price for exports in October was $77.10 a barrel, up from $73.07 in September and $71.43 in August, SOMO said on Friday in a statement on its website.

Exports and revenue from the southern oil hub of Basra climbed to the highest levels this year. The country exported 46.2 million barrels from Basra in October, bringing in revenue of $3.53 billion.

Shipments from the northern oil hub of Kirkuk, often the target of insurgent attacks, stood at 12.5 million barrels in October, down from 15.4 million barrels in September. Sales from Kirkuk generated $993 million, down from $1.15 billion the previous month.

Overall exports in October dropped by four per cent to 58.7 million barrels, or about 1.89 million barrels a day, down from 60.6 million barrels, or 2.02 million barrels a day, in September.

Iraq is seeking foreign investors to help boost oil production, which has suffered from insurgent attacks and a lack of investment. The government awarded 12 oil development contracts to international companies since the US-led invasion that ousted the regime of Saddam Hussein in 2003. It awarded three contracts for natural gas reserves on October 20.

Crude exports generated 86 per cent of Iraq’s income in 2008, according to the International Monetary Fund and the country continues to depend on oil sales to finance its reconstruction after decades of conflict and economic sanctions.

In total, Iraq produced about 2.35 million barrels a day in September, according to data compiled by Bloomberg.