Last updated: 22 November, 2012

Iraqi October oil exports and revenues up slightly

Iraq’s oil exports and revenues were slightly higher in October compared to the previous month, oil ministry spokesman Assem Jihad said on Thursday.

Iraq exported 81.3 million barrels of oil in October for an average of about 2.62 million barrels per day (bpd), compared with about 2.6 million bpd in September, he said.

The revenues from October oil exports were $8.578 billion earned at an average price of $105.51 per barrel, Jihad said. Iraq earned $8.4 billion from oil exports in September.

Iraq has proven reserves of 143.1 billion barrels of oil and 3.2 trillion cubic metres (111.9 trillion cubic feet) of gas, both of which are among the largest in the world.

Crude exports account for the lion’s share of government income, and Baghdad is looking to dramatically ramp up both production and sales in the coming years, bringing in much-needed cash to rebuild its conflict-battered economy.