Iraqi Oil Exports Dip in February

Iraq’s oil ministry says oil exports in February have declined by nearly 4.5 percent compared to the previous month, as a result of bad weather and sabotage of pipelines.

“Iraq exported 58.4 million barrels of crude in February, down from 65.3 million barrels a month earlier and the lowest such figure since November 2010, figures published by the oil ministry show,” oil ministry spokesman Assem Jihad told Aswat al-Iraq news agency.

This equates to a daily rate of 2.0137 million barrels per day in February, down from 2.107 million bpd in January.

Total revenues from oil sales were $6.595 billion last month, the lowest since February 2011, down from $7.123 billion in January, giving average oil prices of $112.928 in February, versus $109.081 the previous month.

The oil was sold to 27 international oil companies.

(Sources: AP, Aswat al-Iraq)

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