POST TIME: 3 September, 2018 00:00 00 AM
Iraq oil exports hit 2018 peak in August

Iraq oil exports hit 2018 peak 
in August

Iraq’s oil exports for August hit their highest monthly figure this year, the oil ministry said Saturday, with nearly 112 million barrels of crude bringing $7.7 billion to the war-torn country’s ailing economy, reports AFP from Baghdad.

“In August, exports of crude reached 111.6 million barrels and revenues were $7.7 billion,” on an average price of $69.59 per barrel, it said in a statement.

In August last year Iraq earned $4.6 billion from the sale of 99.7 million barrels of crude oil.

Iraq’s sole source of foreign currency, oil revenues have pumped more than $60 billion into state coffers since January.

Baghdad’s economy has been hit hard by the war against the Islamic State jihadist group which had seized a third of Iraq’s territory in 2014 before being ousted in a vast government offensive last year.