Iraq brings in $2.09bn in May from oil exports, but misses OPEC+ cut goal

FILE PHOTO: A worker walks at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015. REUTERS/Essam Al-Sudani/File Photo

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SULAIMANI — Iraq brought in $2.09 billion from oil exports in May, an increase of a little less than $700 million from the previous month, but missed its promised output cuts by a wide margin.

Excluding the Kurdistan Region, Iraq exported an average of 3.212 million barrels per day (bpd) last month, the Ministry of Oil said in a statement on Monday (June 1) and sold its oil at an average price of $21 per barrel.

In April, it exported 3.438 million bpd, but only brought in $1.4 billion because of a $13.80 per barrel price.

Iraq relies on oil exports for more than 90 percent of its budget, so fluctuations in price and output can dramatically alter its financial health.

Under a production cut agreement with OPEC+, the country was supposed to reduce output by 23 percent, but only managed a 6.6 percent cut, according to S&P Global.

(NRT Digital Media)