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Iraq oil exports steady in November
by Staff Writers
Baghdad (AFP) Dec 4, 2012


Iraq's oil exports were steady in November while revenues were down compared to the month before, oil ministry spokesman Assem Jihad said on Tuesday.

Iraq exported an average of 2.62 million barrels per day in November -- the same as the month before -- for total monthly exports of about 78.6 million barrels, Jihad said.

The average price per barrel in November was $104.35, putting total revenues for the month at about $8.2 billion, down from $8.578 billion in October, when the price per barrel averaged $105.51.

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.

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