June revenues of Kirkuk oil pass $200 M

Kirkuk's North Oil Company supervises the five oil wells of Kirkuk. Photo credit of KirkukNow

By KirkukNow

The Northern oil rich city of Kirkuk has exported over three million barrels in June for 217 million American Dollars USD compared to 199 m in May, Iraqi ministry of oil stated.

Kirkuk has produced 3,075,217 barrels in June, a bit higher than 3,060,913 in May.

The five oil fields of Kirkuk hit peak of its production in February when it has pumped 3.8 million barrels for $213M, the highest in 2021.

Early 2020, Kirkuk was exporting only 1.1 million barrels  amonth exported to the Turkish Mediterranean port of Ceyhan by a pipeline crossing Iraqi Kurdistan.

In June, Iraq oil exports have dropped to 86,765,589 barrels yet it’s revenues spiked to 6.14 billion since one barrel was marketed for $70 compared to almost 90 million barrels in May only $ 5 billion as a barrel was marketed for $65.

Oil exports from the five major oil fields in Kirkuk stopped from July 2017 to first quarter of 2019 due to a standoff between the Iraqi government and Kurdistan regional government KRG.

Since the withdrawal of Kurdish forces end of 2017 from Kirkuk, the federal government has controlled Kirkuk oil fields which are Havana, Bai Hassan, Khabaza, Jambor and Qubai Baba managed by state-run North Oil Company.

Iraq's economy heavily relies on the exports of crude oil which makes over 95% of the country's total revenues.

Kirkuk, Iraq’s second largest reserves, located 238 kilometers north of Baghdad, is an ethnically mixed province for 1.2 million Kurds, Sunni and Shiite Arabs, and Turkmen. It has long been at the center of disputes between Baghdad and the Erbil.

Despite escalation of offensives by regrouping remnants of the militants of Islamic State in Iraq and Syria against Iraqi security forces, civilians and infrastructure projects including oil wells, oil production remained unaffected.

Early May, Iraqi ministry of oil and North Oil company said it has controlled the fire in a Bay Hassan oil well west of Kirkuk yet its restoration takes minimum three weeks.

A policeman was killed, two injured on May 4th in an attack by IS militants on oil guard units in the village of Aziziya of Bay Hassan Oil field in the district of Dubiz, or Dibis, 35 km west of the oil-rich city of Kirkuk.

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