Kirkuk exports 2.5 M crude oil barrels in October for $236 million

Kirkuk, 2014: The state-run North Oil Company that supervises Kirkuk oil fields. KirkukNow

By KirkukNow

Crude oil exports from Kirkuk fields to Turkey and Jordan during the month of October amounted to 2.5 million barrels, with revenues exceeding 236 million American Dollars USD.

According to the statistics of the Iraqi Ministry of Oil and the State Oil Marketing Organization (SOMO) for the month of October 2022, the total crude oil exports from all Iraqi oil fields amounted to 104.8 million barrels, with revenues estimated at $9.26 billion.

The average price per barrel of Iraqi crude oil reached 88 $/barrel.

Following Russia invasion of Ukraine last February, oil prices have risen in global markets as US and Europe suspended oil trade with Russia, benefiting Iraq and other oil exporting countries.

Iraq's economy heavily relies on crude oil exports, which account for over 90% of the country's revenues, almost spent on payroll for civil servants.

According to the statement, the quantities exported from the Kirkuk fields through the Turkish port of Ceyhan amounted to 2.4 million barrels, at a price of $86.32 barrel, and total revenues amounted to more than 209 million dollars, while 343,000 barrels were exported through tankers to Jordan, generating 27 million dollars.

This comes while crude oil exports from Kirkuk fields to Turkey last September reached 2.2 million barrels, with a total revenue of $182 million, in addition to the export of 150,552 barrels via tankers to Jordan, with revenues of 11 million. dollar.

The volume of Kirkuk's oil exports and revenues nearly dropped by half in August, when the exports dropped to 1.1 million barrels, with total revenues of more than $100 million, while during July it has pumped 2.35 barrels, earning more than $ 240 million.

Kirkuk hit peak of its production in February 2021 when it has pumped 3,8 million barrels for $213M, the highest production capacity in 2021 while the lowest was in November when it has dropped to two million barrels only with 150 million USD revenues.

There are five main crude oil producing fields in Kirkuk province; Avana, Bay Hassan, Baba Dome, Jambur and Khabaza, under the control of the Iraqi government's Northern Oil Company.

Kirkuk, Iraq’s second largest reserves, located 238 kilometers north of Baghdad, is an ethnically mixed province for 1,7 million Arabs, Kurds and Turkmens. It has long been at the center of disputed territories between Baghdad and the Erbil.

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