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05-05-14

Iraq's oil exports increase in April

(MENAFN) The Iraqi Oil Ministry said that the country's oil exports increased last month, hitting 2.5 million barrels per day (bpd) compared to 2.39 bpd in March, Xinhua reported. The ministry said in a statement that Iraq exported around 75.273 million barrels during the month of April, making a total of USD7.576 billion revenue with an average selling price of USD100 dollars per barrel. "The oil exports via the northern oil pipelines from Kirkuk to Turkey's port of Cyhan have been suspended due to terrorist attacks," the ministry spokesman said. It is noted that Iraq's economy depends heavily on oil revenues, as they mainly account for 95 percent of the total revenues.