Accessibility links

Breaking News

Iraq Oil Exports Up By 15 Percent

Ninety-five percent of Iraq's revenue comes from oil
Officials in Iraq say the country's oil exports jumped by 15 percent in March, raising it to the highest level the country has seen in 23 years.

Oil Ministry spokesman Assem Jihad said on April 22 that oil exports for March averaged 2.31 million barrels a day, up from an average of 2.01 million in February.

Sales for March exports were estimated at more than $8.4 billion.

A new export terminal in the Persian Gulf is credited with the increase.

Energy analysts said last week that Iraq is expected to sustain record-high exports through the rest of the year.

The extra volume is expected to help global oil prices from rising higher than the current rate of $120 a barrel.

Oil exports make up 95 percent of Iraq's revenues.
Based on reporting by AP and Reuters