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FinancialNews
11-07-20
Iraq oil sales' income drop in May
(MENAFN) The oil ministry said on Monday that Iraq sold fewer than 100 million barrels of crude in May, but improving prices saw it rake in more profits than the previous month.
The second-biggest crude producer of the Organisation of the Petroleum Exporting countries (OPEC) cartel has been left whirling by the recent worldwide crash in oil prices and a flood of cheap oil from Saudi Arabia.
In May, Iraq sold 99.5 million barrels of crude oil at a regular price of USD21, making USD2.09 billion for the month.
In April, it had sold more barrels; 103.1 million, but the record-low regular price of USD13.80 per barrel made it only USD1.4 billion.
Experts had cautioned that even if prices recuperated, buyers had been keeping up on cheap oil in recent months and would not need to buy as much oil as summer started.
MENAFN1107202000450000ID1100465888
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