Exports of oil from Iraq, at the highest level from 2003
August 27th, 2009
Oil exports from Iraq reached the highest level in July 2003, totaling 63 million barrels, according to statements of Assem Jihad, Oil Ministry spokesman, quoted AFP.
Figures made public by Jihad show in July that Iraq exported 63 million barrels to 57 million barrels in June.
As regards the profit from export activity, at the average of oil price of 64.42 dollars per barrel, Baghdad received 4.66 billion dollars. Iraq has prepared the budget for 2009 taking into account an average oil price of 50 dollars per barrel.
The current level of oil exports is comparable to that of 2003, when oil exports were about two million barrels a day, equivalent of 62 million barrels per month. Oil represents 87% of total revenue in Iraq, state that intends to double its exports over the next five years.
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