Iraq's oil exports drop 9% m/m to 73mn barrels in June 2014 [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Halted oil production and exports from the Kirkuk region amid the security turmoil related to the al-Qaeda-linked Islamic State in Iraq and Greater Syria (ISIS) cut Iraqi oil exports by 9% m/m to 72.8mn barrels in June, reversing a 6.3% monthly growth in May, data from state-owned Oil Marketing Company (SOMO) showed on July 25.
Oil proceeds also fell to USD 7.47bn in June from USD 8.07bn the previous month. The average oil price per barrel, however, increased to USD 102.6 in June from USD 100.7 in May.
Total exports for June from the southern ports reached 72.8mn barrels whereas those from Kirkuk were zero.
The ongoing security turmoil in Iraq that promoted the semi-autonomous Kurdish region to send troops to defend the oil fields in Kirkuk will likely weigh on the central government's budget proceeds in the near term.
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