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In August, Iraq's oil export earnings reached $9 billion, benefiting from a significant rise in the average crude oil price, which increased by over $6.50 per barrel compared to July. International crude oil prices saw an increase due to a tightening global market, attributed to OPEC+ and Saudi Arabia's production cuts, along with improving prospects for the U.S. economy. Iraq, the second-largest OPEC producer, presently conducts its oil exports solely through southern terminals. However, approximately 450,000 barrels per day from northern fields and the Kurdistan region remain inactive due to a dispute with Turkey regarding oil exports via the Iraq-Turkey pipeline and Turkey's Ceyhan port in the Mediterranean. Kurdistan's crude oil exports came to a halt on March 25 due to a favorable ruling for Iraq in an International Chamber of Commerce dispute with Turkey over Kurdish crude flows. Efforts to resume oil flows have been underway for months but have faced repeated delays, stemming from both technical and political issues.

Iraqi Oil Exports Rise to $9Billion in August following High Prices

In August, Iraq’s oil export earnings reached $9 billion, benefiting from a significant rise in the average crude oil price, which increased by over $6.50 per barrel compared to July. International crude oil prices saw an increase due to a tightening global market, attributed to OPEC+ and Saudi Arabia’s production cuts, along with improving prospects for the U.S. economy. Iraq, the second-largest OPEC producer, presently conducts its oil exports solely through southern terminals. However, approximately 450,000 barrels per day from northern fields and the Kurdistan region remain inactive due to a dispute with Turkey regarding oil exports via the Iraq-Turkey pipeline and Turkey’s Ceyhan port in the Mediterranean. Kurdistan’s crude oil exports came to a halt on March 25 due to a favorable ruling for Iraq in an International Chamber of Commerce dispute with Turkey over Kurdish crude flows. Efforts to resume oil flows have been underway for months but have faced repeated delays, stemming from both technical and political issues.

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