Iraq's crude oil revenues were up 45.9 percent in the first half of 2018 compared to the same period last year, according to figures released by the Oil Ministry on Monday.
In a statement posted on its official website, the Ministry announced it achieved a 'remarkable' increase in the rate of exports and revenues from crude oil sales for the first half of the year compared to the first half of 2017.
Oil Minister Jabbar Ali al-Allaibi said total revenues achieved in the first half 2018 amounted to $40.34 billion compared to $27.64 billion for the same period last year.
The minister added that total exports also recorded an increase in the first six months of the year, hitting almost 625.2 million barrels, up from 592.4 million barrels in the first half of 2017.
Al-Allaibi said the average oil sales price for the month of June witnessed a rise compared to the same month last year, rising to $69.32 per barrel from $42.06. He added that this would contribute to a deficit reduction in the federal budget for the current year.
Iraq is OPEC's second largest oil producer after Saudi Arabia.
By Hale Turkes
Anadolu Agency
energy@aa.com.tr