Iraq’s oil revenue reaches €3.5bn

Iraq: Revenue from Iraq’s crude oil exports rose to $4.62 billion (€3.5bn) in November, the highest level this year, the State Oil Marketing Organisation said.

The average oil price for exports was $80.59 (€61.4bn) a barrel, compared with $77.10 in October and $73.07 in September, SOMO said.

Revenue from the southern oil hub of Basra climbed to the highest level this year to $3.69bn with exports of 46 million barrels in November.

Shipments from the northern oil hub of Kirkuk, often the target of insurgent attacks, dropped to 11.3 million barrels from 12.5 million barrels in October.

Sales from Kirkuk generated $925 million compared with $993m the previous month.

Overall exports last month dropped 2.4% to 57.3 million barrels, compared with 58.7 million barrels in October.