Iraq crude oil exports rise in May 2014
Iraq crude oil exports increased slightly in May despite a militant attack in March that had kept a crucial oil pipeline inactive.
The Iraq Oil Ministry said in a report that exports of oil averaged 2.582 million barrels a day in May, based on an average price of $100.08 per barrel, compared to 2.510 million barrels per day in the previous month.
Sales have also seen an upward trend. Total sales from oil grossed $8.68 billion in May, up from $7.582 billion in April.
Iraq has the world’s fourth-largest oil reserves. Approximately there are 143.1 billion barrels of oil in the country. Oil contributes a significant portion to the overall revenue for the government. Currently it makes up about 95% of the country’s total budget.