Oil Report

UPDATE 1-Iraq's oil exports rise to 3.054 mln bpd in August – oil ministry

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BAGHDAD, Sept 1 (Reuters) - Iraq’s total oil exports for August rose to 3.054 million barrels per day (bpd) from 2.9 million bpd in the previous month, the oil ministry said in a statement on Wednesday.

Exports from Iraq’s southern Basra terminals hit 2.95 million bpd during August, the ministry said.

Iraq’s August revenue from oil reached to $6.5 billion with an average price per barrel of over $69, said a statement.

The average sale price in July was $72.

Iraq, which relies almost entirely on oil for revenues has been hit hard by low oil prices during the coronavirus crisis and has cut exports in line with OPEC production cuts.

Reporting by Ahmed Rasheed, Editing by Louise Heavens