Iraqi crude oil exports grew for the third consecutive month in July, passing $6.5bn for the first time since December 2019. It’s a far cry from April 2020, when state marketer Somo generated just $1.51bn in export revenues.
Revenues rose by $371mn to $6.51bn for July (see chart 1), as Iraq’s oil sector looks to put the last 18 months of Covid-induced misery behind it. Larger petrodollar inflows have helped the Central Bank of Iraq (CBI) rebuild US dollar reserves and allowed the Ministry of Finance to defend the newly devalued currency peg, but rising inflation and slow economic activity pose severe near-term challenges. (CONTINUED - 1571 WORDS)
