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Tuesday, June 2, 2015

Iraq's oil export in May reaches record level in decades

Published: 2015/6/2 11:50 • Updated: 2015/6/2 10:29

Baghdad (Forat) -Iraq's oil export in May, at 3.145 million barrels per day (bpd), was the highest in decades, the Oil Ministry said today.

In total, the country exported 97.504 million barrels in May, bringing in 5 billion U.S. dollars in revenue, at an average selling price of 55 dollars per barrel, the ministry said in a statement emailed to Xinhua.

The ministry attributed the amount of export, "unprecedented for decades," to its "extraordinary efforts."

"The ministry has made extraordinary efforts to increase the crude exports in a bid to compensate the delay of loading due to bad weather," the statement quoted ministry's spokesman Asim Jihad as saying.

In 2014, Iraq exported a total of 918.114 million barrels of crude oil, earning 84.215 billion dollars in revenue.

Iraq's economy relies on oil for more than 90 percent of its revenues.

In 2010, Iraq announced that its proven oil reserves had increased to 143.1 billion barrels, from the previous estimate of 115 billion barrels./End/

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