Business

Iraq oil exports down 4.5%

Staff Reporter

Iraq says oil experts in January declined by nearly 4.5% compared to December, dealing a blow to an economy on which 95% of revenue comes from oil.

Iraq’s oil ministry says oil exports in January have declined by nearly 4.5% compared to the previous month.

Sunday’s statement says last month’s oil exports averaged 2-million barrels per day, down from an average of 2.1-million barrels per day in January.

The sales grossed $6.6-billion based on an average price of $113 per barrel. January’s sales were based on an average price of $109 per barrel and yielded $7-billion.

The oil was sold to 27 international oil companies.

Iraq relies on oil exports for 95% of its revenues, and the uncertainty in the market stemming from the conflict between the West and Iran over its controversial nuclear program has helped support global crude prices.—Sapa-AP

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