Iraq July oil exports dip but revenues rise

AFP, Monday 22 Aug 2011

A drop to 67.2 million barrels was countered by the steady global rise of crude prices, says oil ministry

Iraq's oil exports for July fell compared to the previous month but revenues rose as average crude prices increased, the oil ministry said on Monday.

Iraq exported 67.2 million barrels in July, earning revenues of $7.311 billion (5.072 billion euros), according to figures published on the oil ministry website.

Iraq exported 68.2 million barrels in June, but revenues were lower for that month at $7.173 billion (4.977 billion euros).

Revenues rose as average oil prices increased to $108.795 (75.48 euros) over the course of July, the highest such average this year, the figures showed.

The July revenue figure was the second-highest monthly figure since 2003, when a US-led invasion toppled now-executed dictator Saddam Hussein. May 2011 represents the overall high.

Average daily exports in July were 2.17 million bpd, a drop from June's figure of 2.27 million bpd.

The country's budget, approved in February, factors in oil prices of $76.50 per barrel and average exports of 2.2 million bpd.

Oil sales account for around 90 per cent of Iraq's government income.

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