Iraq's oil exports drop by 4% in May

“Iraq’s oil exports during last May reached to 76.9 million barrels, and revenues of 7.477 billion$,” the spokesman for Oil Ministry, Assem Jihad said in a statement received by “Shafaq News”.

He added that the export rates reached at 2.48 million barrels per day and sold at a rate of 97.230 $ for per barrel.

The estimated rate of decline in export rates is estimated by 4 % compared to the daily export rates during the previous month of April.

“Oil exports during past month have witnessed a slight decrease due to bad weather in the southern ports and sabotage operations on the pipeline (transportation) from Kirkuk to Turkish port of Ceyhan,” Jihad added.

Iraq, in which its budget depends mainly on oil exports, seeks to raise production from 3.4 million barrels currently to nine million barrels by 2017.

Iraq has the third largest oil reserves in the world, estimated at 143 billion barrels, after Saudi Arabia and Iran.