Iraq exports dip but revenues hit new record

Tankers load at the Al-Basra Oil Terminal in the Basra Gulf (BEN LANDO/Iraq Oil Report)

Iraq's countrywide oil exports fell to an average 3.729 million barrels per day (bpd) in May,* a month-on-month decline of around 90,000 barrels per day.

Despite the dip in federal exports, which can partly be explained by delays to tanker loadings as a result of sandstorms, sharply higher oil prices led to an increase in monthly revenues to a new record of $11.44 billion, according to preliminary Oil Ministry estimates.