Last updated: 1 August, 2012

Iraq’s oil revenues up $1 billion in July

Iraq’s revenues from oil, which account for the lion’s share of the country’s income, were up by about $1 billion in July compared to the month before, an oil ministry spokesman said on Wednesday.

In July, Iraq exported about 2.515 million barrels per day, or about 77 million barrels of oil, Assem Jihad told AFP, up from around 72 million barrels in June.

Oil revenues amounted to about $7.535 billion, Jihad said, up from $6.453 billion in June.

Iraq depends on oil sales for the vast majority of government income.

The country currently produces upwards of three million bpd, and Oil Minister Abdelkarim al-Luaybi has said it plans to increase output and exports this year to 3.4 million bpd and 2.6 million bpd respectively.