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FINANCIAL NEWS
Iraq oil export hit 918m barrels in 2014
06 Jan 2015
(MENAFN) Iraqi Oil Ministry announced that Iraq has exported 918.114 million barrels of oil in 2014, resulting in USD84.215 billion in revenue, Xinhua reported.
The Ministry said that the country’s monthly average of oil export was around 76.511 million barrels with an average of 2.450 million barrels per day (bpd), adding that a total of 30 foreign companies purchased the Iraqi crude oil, at a monthly average of revenue at USD7 billion.
Meanwhile, the ministry said that preliminary statistics showed that Iraq’s monthly oil export in December stood at 91.41 million barrels, which is the highest since 1980.
However, the revenue in December witnessed a drop despite the increase in production due to the continuous decline in oil prices, which is expected to affect the country economy since it relies on oil revenues for nearly 95 percent of its revenues.
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