Oil export of Iraq touches its highest record of the decade

In the month of April, Iraq’s oil export has climbed to 3.077 million barrels per day (bpd), which was 2.98 million bpd in March. Iraq’s oil ministry stated that this new high in crude export represents highest of the decade.
In a statement, the ministry said that Iraq exported a total of 92.8 million barrels over the 30 days of March, bringing in $4.8 billion in revenue, at an average price of $51.7 per barrel.
The statement also added that according to preliminary statistics issued by the country’s State Organization for Marketing of Oil (SOMO), the April rate of exports was at an unprecedented level.
Oil ministry spokesperson, Asim Jihad said, “The ministry has made extraordinary efforts to increase crude exports in a bid to compensate the delay of loading due to bad weather.”
In 2014, Iraq exported a total of 918.114 million barrels of crude oil, earning 84.215 billion dollars in revenue. Iraq’s economy relies on oil for more than 90 percent of its revenue.
In 2010, Iraq announced its proven oil reserves had increased to 143.1 billion barrels, from the previous estimate of 115 billion barrels.