Iraq’s state oil marketer Somo registered new record monthly export revenues figure in May of $11.44bn despite overall federal exports dipping by 56,000 b/d from April to 3.3mn b/d. The bulk of the revenues came from the 3.19mn b/d exported from the southern Basra oil terminals. The remaining $335mn and $34mn in revenues came from 97,000 b/d of Kirkuk crude exports piped to Turkey and 11,000 b/d trucked to neighbouring Jordan.

Overall, revenues increased by $827mn from April thanks to higher oil prices, which more than offset the reduced volumes. Prices averaged $111.79/B, up 6.8% ($7.15/B) increase on the previous month. (CONTINUED - 103 WORDS)