Iraq Oil Revenue $7.3 Billion May 2023 The Top Five Countries Who Purchased
China had the highest demand for Iraqi oil in May, as they purchased 37.77 million barrels of it – making up 36.21% of Iraq’s exports for the month. India was second on the list with 30.96 million barrels.
In third place was Italy with 5.20 million barrels; then came the Netherlands with 5.18 million barrels in fourth, and Greece with 4.31 million barrels imported after that. Turkey rounded out the top five importers with 4.28 million barrels.
The Iraq Ministry of Oil declared on Thursday that the total amassed revenue from oil exports for May surpassed seven billion USD. According to records issued by the State Organization for Marketing of Oil (SOMO), over 102.46 million barrels were exported, accumulating a sum slightly higher than 7.3 billion USD.
Data released by SOMO showed that the volume of crude oil shipped out in central and southern Iraq during May was more than 102.2 million barrels, while 1.73 million barrels were dispatched from Kirkuk through Ceyhan port in Turkey.
The cost per barrel averaged out at 71.3 USD, with daily export totaling 3.3 million barrels estimated.
Oil is transported abroad by international companies from pay points on the Arabian Gulf as well as through Ceyhan port in Turkey, recently reactivated after long-lasting disputes between Baghdad and Erbil had been settled a month ago.
In April, SOMO reported that Iraq's total income from oil exports reached $7.69 billion USD.
In March, the export of crude oil totaled 100.9 million barrels, netting an amount close to 7.5 billion USD.
