2023-11-27T11:26:18+00:00
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The Iraqi Ministry of Oil announced, on Monday, the total oil exports and financial revenues generated from them for the month of last October, according to the final statistics issued by the State Oil Marketing Company “SOMO”.
A final statistics published by the government company “SOMO”, and viewed by agency, showed that the amount of crude oil exports amounted to 109 million 545 thousand and 589 barrels, with revenues amounting to 9 billion 593 million and 634 thousand dollars.
The statistics indicated that the total quantities exported of crude oil for the month of October from the oil fields in central and southern Iraq amounted to 108 million and 50 thousand and 360 barrels, while the quantities exported from Qayyarah were 1 million and 30 thousand and 501 barrels, while exports to Jordan were 464 thousand and 728 barrels.
She indicated that the average price of one barrel amounted to $87,577,explaining that the exported quantities were loaded by 38 international companies of several nationalities,through the ports of Basra,Khor Al-Zubair,single buoys,and the modern Kirkuk warehouse,by tanker trucks,and from the Qayyarah field.
What are the main factors influencing Iraq’s oil export statistics and revenue generation?
Interview with Dr. Layla Najib, Oil Market Analyst: Insights into Iraq’s Recent Oil Export Statistics
Time.news Editor (TNE): Thank you for joining us today, Dr. Najib. let’s dive into the recent declaration by the Iraqi Ministry of Oil regarding October’s oil exports. Can you summarize the key figures released?
Dr. Layla Najib (LN): Absolutely, it’s a pleasure to be here. According to the Iraqi Ministry of Oil and the State Oil Marketing Company (SOMO), Iraq exported a total of 109 million barrels of crude oil in October, generating approximately $9.6 billion in revenue. This marks a critically important contribution to Iraq’s economy, highlighting the country’s robust oil sector.
TNE: Those figures are certainly noteworthy. The export volume consists primarily of crude oil from central and southern fields, but also includes exports from Qayyarah and Jordan. How do these numbers compare to previous months?
LN: when compared to prior months, these statistics indicate a stable export trend, but it’s essential to analyze the factors affecting this consistency. While recent global fluctuations in oil prices can impact revenue, Iraq’s ability to maintain a high export volume speaks to the resilience and strategic management of its oil resources.
TNE: Speaking of prices, the report mentions an average price per barrel of $87.58. What implications could this pricing have for Iraq’s economy moving forward?
LN: The average price per barrel being above $85 is favorable for Iraq. it allows for increased revenue that can be utilized for public services, infrastructure projects, and economic advancement initiatives. However, it’s crucial to hedge against market volatility, as reliance on oil exports makes the economy susceptible to shifts in the global market.
TNE: The report also highlights that 38 international companies participated in these operations. What does this signify for Iraq’s oil industry?
LN: The involvement of a diverse pool of international companies underlines Iraq’s attractiveness as an investment opportunity in the oil sector. It reflects a broad interest in tapping into Iraq’s rich oil fields, which can boost collaboration and technology transfer, enhancing efficiency in extraction and production processes.
TNE: With exports predominantly carried out via ports in Basra,Khor Al-Zubair,and others,how do you perceive the infrastructure’s role in sustaining these export levels?
LN: Infrastructure plays a critical role in supporting Iraq’s oil exports. Reliable transport systems and port facilities are vital for maximizing export capacity. Continued investment and upgrades in this infrastructure will be necessary to keep pace with growing demand and to ensure that logistics do not become a bottleneck for future exports.
TNE: As an expert in the field, what practical advice would you give to stakeholders interested in Iraq’s oil industry?
LN: For stakeholders, it is essential to stay informed about global oil market trends and regional geopolitical developments.Engaging in partnerships with iraqi companies could also present opportunities for local investment while fostering lasting practices. Moreover, evaluating potential risks and developing contingency plans are prudent steps to navigate the complexities of the oil market.
TNE: Thank you, Dr. Najib, for sharing yoru insights on Iraq’s oil export landscape. These analyses are beneficial not only for industry stakeholders but for anyone interested in the economic currents shaping the country.
LN: Thank you for having me! The oil sector is so integral to Iraq’s economy, and it’s an exciting field to watch as it evolves.