The Iraqi National Oil Marketing Company (SOMO) announced that Iraq’s revenues from oil during the year 2020 recorded 42 billion dollars and expected an improvement in crude prices during the coming period.
The general manager of the company, Alaa Al-Yasiri, said in a press statement that “the volume of revenue achieved from exporting oil through the company for the year 2020 amounted to 42 billion dollars.”
He added that “the current December revenues amounted to more than 4 billion dollars for the sale price of 49 dollars per barrel.”
He pointed out that “Iraq is currently exporting about 3 million barrels of oil per day after the reduction decision resulting from the OPEC + agreement, and we expect oil prices to improve despite the new strain of Corona.”
Iraq relies mainly on oil to supplement its financial budget, as oil sales provide about 95% of the budget, so it is facing difficulty in recent months to pay government employees’ salaries due to the decline in oil prices.
And the Iraqi Ministry of Oil announced last Saturday that it aims to raise its oil production to six million barrels per day after 2023, an increase of 2.5 million barrels over current production.
Source: “Conscious” + RT