Shafaq News/ Iraq's oil revenues declined 3% in June, reaching $7.11 billion.

Data issued by the Ministry of Oil revealed that June's total revenues decreased by 2.92% compared to May when revenues amounted to $7.324 billion.

The revenues from Basra oil exports, conducted through the southern ports, also declined by 3.93% monthly, reaching $7.022 billion compared to May's revenues of $7.309 billion.

June's oil exports decreased by 2.35%, amounting to 100 million and 59 thousand barrels, compared to May's exports of 102 million and 463 thousand barrels.

Economic expert Muhammad al-Hassani attributed the decline in financial revenues to the reduction in oil exports, mainly due to Turkey stopping oil shipment from the Kurdistan Region and Kirkuk to the port of Ceyhan. An international arbitration decision had obligated Ankara to pay compensation to Baghdad.

Al-Hassani pointed out that the decrease in oil quantities exported in June compared to May, coupled with similar prices, indicates that Iraq was impacted by the halt in oil exports from Kurdistan and Kirkuk through the Turkish port of Ceyhan. This cessation is expected to cause financial losses exceeding one billion dollars per month, exacerbating existing budgetary problems, including deficits and difficulties in financing employee salaries, potentially leading to increased government borrowing.

The oil pipeline connecting Kirkuk to the port of Ceyhan serves as the sole export route for crude produced from oil fields in northern Iraq.