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Sumo: Oil revenues reached $78 billion for 2019

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Sumo: Oil revenues reached $78 billion for 2019

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01/02/2020 01/02/2020
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The Oil Marketing Company (SOMO) confirmed today, Thursday, that the financial revenues generated from the sale of oil amounted to $78 billion in 2019.

The general manager of the company, Alaa Al-Yasiri, said in a statement to the official news agency that he followed, "The direction", that "the total quantities of crude oil exported from the Basra fields reached nearly three million and 350 thousand barrels per day", noting that

"the rate of sales of Kirkuk fields has reached nearly 100 thousand barrels per day, while the Qayyarah fields have reached 25 thousand barrels per day.

He explained, "The recent agreement of OPEC had a clear impact on the oil market for companies producing crude oil, and it was a good reader for the global market, which noticed that the quantity supplied exceeded the quantity demanded."

He pointed out that "the average annual price of the oil market for 2019 was close to the 61 dollars per barrel," noting that

"this price will go up according to the price of Brent."

He noted that "the biggest factor controlling the market price currently is the balance in terms of supply and demand for oil."

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