Iraq’s oil revenue increased by 18 percent from last month

Iraq’s oil revenues for the month of July increased by 18% compared to last month to reach $ 3.487 billion.

A statement by the Iraq Future Center said that the average price of oil reached $ 40.7 a barrel, the first time that the price of a barrel has exceeded $ 40 during the past five months.

It added that despite this rise in revenues and prices, the rate of decline in oil revenues reached 48% compared to the same month last year, as Iraq’s imports of oil in July 2019 amounted to $ 6.7 billion, a decrease of more than $ 3 billion “.

It explained that the rate of decline in the average price of oil compared to the same period last year, up to 30%, as the average price of oil in July of 2019 was about $ 60 per barrel, down by $ 20 a barrel.”

It is expected that oil revenues will maintain this level during the remainder of the year due to the stability of oil prices at rates of 40-45 dollars