Iraq: Iraq's Oil Revenues Hit Despite Record Exports

Jan 4, 2015 | Gulf Daily News
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BAGHDAD: Iraq's oil exports reached their highest level in decades in December, the oil ministry's spokesman said yesterday, but vital revenues were being hit by the plummeting prices of crude.

Iraq exported 91.141 million barrels of oil in December for an average of 2.94m barrels per day, the highest daily average since 1980, Assem Jihad said, citing initial figures.

December exports were far and away the highest in 2014, eclipsing the previous best month by more than 11m barrels, according to ministry figures.

But revenues were $5.247 billion, only up slightly on November and much lower than the early months of 2014 because of sharply declining oil prices.