Iraqi Oil Ministry declared total amount of Oil Exports and Revenues in October 2019

The Iraqi Oil Ministry has announced the total amount of exports and revenues for the month of October 2019. The total amount of oil exports rose from September. A spokesman for the Iraqi Oil Ministry, Asim Jihad said in a press statement that the total amount of crude oil exported for the month of October from central and southern Iraqi oil fields amounted to 103 million, 540 thousand, and 855 barrels. The statement further said the exported quantities amounted to two million and 579 thousand and 837 barrels from Kirkuk oil fields and exported through Ceyhan port. The exported quantities from the Qayyarah field reached 431 thousand and 486 barrels. Jihad added that exported quantities to Jordan amounted to 307 thousand and 292 barrels.

Iraqi Oil Ministry declared total amount of Oil Exports and Revenues in October 2019

Jihad also pointed out that the total daily exports amounted to 3 million and 447 thousand barrels. The daily exports from Basra ports amounted to 3 million and 340 thousand barrels. He added that daily oil export from Ceyhan was reached at 83 thousand barrels. The daily rate from the Qayyarah oil field amounted to 14 thousand barrels and daily export to Jordan reached 10 thousand barrels. He added that the average price per barrel reached 57,153 U.S dollars. Jihad pointed out that the Iraqi Oil Ministry is informing the Iraqi people about export operations and revenues collected during the month of October.

It is noteworthy that oil prices declined on Wednesday, 30th October due to a possible postponing a settlement of the trade dispute between the United States and China. Brent crude also decreased 7 cents or 0.1% at 61.32 USD/ barrel from 61.52 USD/ barrel. The U.S West Texas Intermediate decreased 15 cents or 0.3% at 55.16 USD from 55.39 USD/ barrel. The American Petroleum Institute data has shown a decline at 436 million barrels from 708 thousand barrels in the U.S crude oil inventories. The market analyst at CMC Markets in Singapore, Margaret Yang said that the market has largely ignored the decline in US crude inventories and assumed that the demand side will remain weak in the near future.

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