Iraq oil exports slightly decline in May
Iraqi crude oil exports slightly decreased in May compared to the previous month which recorded their highest levels for the country in more than two decades, an Iraqi Oil Ministry official said on Sunday, Xinhua reported.
Iraq exported a total of 75.95 million barrels over the 31 days of May, bringing in around 8 billion U.S. dollars in revenues, the ministry spokesman Asim Jihad told Xinhua.
The crude oil exports for the month averaged 2.452 million barrels per day (bpd), which is lower than the daily rate of April with about 2.508 million bpd, Jihad said.
The decline in oil exports was due to the usual increase in domestic oil demand in the summer months, as the ministry sent more oil to the country's refineries, Jihad added.
He also said that there is a decrease in the revenues of exported oil in May which he attributed to the decline in the world oil prices in addition to the increase of domestic demand.
In May, the ministry exported its oil with an average selling price of 105 dollars, while in April it sold oil with an average price of 116.94 dollars and brought in 8.80 billion dollars.
The country depends on oil revenues for nearly 95 percent of its budget.
In 2010 Iraq announced its proven oil reserves had increased to 143.1 billion barrels rising from the previous estimation of 115 billion barrels.