Iraqi oil exports were up by 1 per cent in July compared to June, according to preliminary statistics released by Iraq’s State Organisation for Marketing of Oil (SOMO).

In July, Iraq exported 102.38 million barrels of crude and earned revenues of $10.6bn, according to the preliminary statistics.

This is up from 101.19 million barrels of crude exported in June.

While the volume of oil that was exported was higher, revenues were 7 per cent lower in July compared to June due to lower global oil prices.

In June Iraq recorded revenues of $11.4bn from crude exports.

READ: Iraq oil revenues hit 50-year high

In July, exports from fields in central and southern Iraq reached 99.97 million barrels, while quantities of crude oil exported from the Kirkuk fields through the port of Ceyhan were 2.34 million barrels.

The average daily quantities of exported crude oil were 3.303 million barrels, and the average price per barrel was more than $103.60.

Iraq’s economy is heavily reliant on revenues from oil exports and has benefited from higher global prices since Russia’s invasion of Ukraine.

In June the price of Brent, an international crude benchmark, peaked at more than $120 a barrel.

On 2 August the international oil company BP announced that it had tripled profits to nearly $8.5bn in the second quarter of the year amid high oil prices during Russia’s invasion of Ukraine.