Iraq July oil exports dip but revenues rise

BAGHDAD : Iraq's oil exports for July fell compared to the previous month but revenues rose as average crude prices inc

Published August 22, 2011 Updated August 22, 2011 10:03am

1 min

By Imad Uddin

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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 percent of Iraq's government income.

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