Iraq’s 2008 Oil Revenues Hit $60b – Ministry

Oil fields in the Iraqi province of Basra. Iraq produces about 2.5 million barrels of oil per day. Moises Saman for The New York Times

From Aswat Al-Iraq:

BAGHDAD / Aswat al-Iraq: An Iraqi oil official on Thursday said that the country’s oil revenues were up over 30 percent last year — to about $60 billion — despite the sharp decline in world prices in the last half of the year.

Fahd al-Amiri, the head of the State Oil Marketing Organization, also told The Associated Press on Thursday that Iraq’s oil exports averaged 1.85 million barrels a day in 2008 — a 13.5 percent increase from 2007.

He says December’s export levels reached about 1.815 million barrels per day.

He expects Iraq to export 2 million barrels per day this month.

Iraq depends on oil revenues for nearly 95 percent of its budget. It has suffered as oil prices have plunged roughly 70 percent from record highs of almost $150 last July.

Proceeds from crude oil exports during 2007 hit $39.8 billion, according to a release by the ministry’s media office early last year.

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