Iraq says crude oil exports dip by nearly 4.8 per cent in January; bad weather, attacks blamed

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BAGHDAD – Iraq’s Oil Ministry says crude exports have averaged 2.229 million barrels a day in January, a decrease of nearly 4.8 per cent from the previous month.

In a statement posted on its website Wednesday afternoon, the ministry also said last month’s revenues stood at $7.074 billion, based on an average price of $102.373 per barrel.

December’s oil exports averaged 2.341 million barrels a day, bringing that month’s revenues to $7.470 billion, based on an average price of $102.893 per barrel.

The statement quoted the oil minister as blaming bad weather and sabotage attacks by militants for the dip in exports.

Iraq holds the world’s fourth largest oil reserves, some 143.1 billion barrels. Oil revenues make up nearly 95 per cent of Iraq’s budget.

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