Iraq: Iraq's Oil Exports in February Below Planned, Depriving Nation of Funds to Fight Islamic State

Mar 25, 2015 | Sinan Salaheddin, Associated Press
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Iraq's oil exports for last month were below planned levels, the country's Oil Ministry said Wednesday, depriving the nation of badly needed funds for its battle against the Islamic state group.

Crude exports in February averaged 2.596 million barrels a day — almost a million barrels less than planned.

The exports grossed about $3.402 billion, based on an average price of $46.795 per barrel, said the ministry's spokesman, Assem Jihad. January's daily exports averaged 2.535 million barrels, bringing that month's revenues to $3.258 billion.

Iraq's 2015 budget is based on an expected price of $56 per barrel with a daily export capacity of 3.3 million. The nearly 119.6 trillion Iraqi dinars budget (about $102.5 billion) runs with a deficit of 25 trillion dinars (about $21.4 billion).