SULAIMANI (ESTA) — Iraq’s central bank’s foreign currency reserves rose to $64 billion, state-owned newspaper Al Sabah reported on Monday
Sabah cited a source as saying the central bank’s foreign currency reserves rose as a result of higher oil prices.
For Iraq, OPEC’s second-largest producer, oil revenue represents at least 95% of its income. It has been hit by the collapse in demand and oil prices last year, caused by the COVID-19 pandemic.
Earlier this month, Iraqi oil minister Ihsan Abdul Jabbar said the country could not afford a drop in oil prices and was seeking stability between supply and demand, according to S&P Global.
“Iraq wants stability in oil markets,” he said. “Iraq cannot handle a big drop in oil prices and therefore we cannot handle supply to be more than consumption.”
“That’s why we will have reservation about any increase in production if it is not directly consumed by consumers,” he added.
Iraq’s oil exports for November rose to 3.273 million barrels per day from 3.12 million bps in the previous month, according to Iraqi oil ministry’s monthly figures.
