Iraqi oil exports rise in May

The Ministry of Oil, the Iraqi oil exports recorded 3 million and 262 thousand barrels per day, in May last, and this figure is up from 3 million and 252 thousand barrels per day, in April, indicating that the increase was "10 thousand barrels, after recording a decline from 3 million and 259 thousand barrels per day (down 7 thousand barrels) in March, which preceded.

Oil prices rose at the end of the week, from a three-week low as US crude inventories fell sharply, suggesting the US oil market could improve faster than expected.
"The preliminary statistics issued by the Iraqi state-owned oil marketing company Sumo indicate the export of about 101 million barrels, at a daily rate of 3 million and 262 thousand barrels," ministry spokesman Asim Jihad said in a statement.

He pointed out that the total exports of crude oil from oil fields in central and southern Iraq amounted to 100 million and 455 thousand barrels, while the total exports Of the oil of Kirkuk 679 thousand and 580 barrels.
Iraq, the second largest oil exporter in the Organization of the Petroleum Exporting Countries (OPEC), which agreed in Algeria in November last, to reduce its total production by one million and 200 thousand barrels per day, starting in January, to restore the balance between supply and demand, and then improve Oil prices.

While the organization returned weeks ago and extended the agreement for nine months, where Iraq agreed to reduce production at the rate of 210 thousand barrels per day, to 4 million and 350 thousand barrels per day, while the Minister of Oil recently, that Baghdad has fully complied with the agreement.
Iraq relies on revenues from the sale of oil to finance up to 95% of state expenditure. The fall in crude prices since 2014 has had a major impact on the Iraqi economy.