FINANCIAL NEWS

Iraq exports 2.452m bpd of oil in May

03 Jun 2012

(MENAFN) Iraq’s Oil Ministry’s spokesman, Asim Jihad, announced that the country’s crude oil exports fell to an average of 2.452 million barrels per day (bpd) in May from the 2.508 million bpd recorded in April, reported Xinhua News.

Jihad said that total exports in the month reached 75.95 million barrels, with a revenue of USD8 billion, whereas April’s oil revenues were at USD8.80 billion.

He added that the average selling price in May fell to USD105, compared with an average price of USD116.94 in the previous month.

It is worth noting that the ministry attributed the drop in oil exports to the usual rise in domestic oil consumption in the summer months.

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