Iraq’s Oil Revenues Down 17.6% in June

Iraq’s oil revenues dropped by 17.6 percent from May to June due to plummeting prices in the international market and the diversion of some production to meet domestic needs.

Oil Ministry spokesman Assem Jihad said Iraq earned $6.453 billion from 72,090 million barrels exported in June at an average price of $90 per barrel, compared to May’s revenues of $7.831 billion at $103.039 per barrel.

June’s oil exports averaged 2.403 million barrels a day, down from an average of 2.452 million bpd in May as the ministry diverted some production to refineries, as domestic demand usually increases during the hot summer months.

Basra exports hit 2.085 million bpd, with 312,000 bpd through Kirkuk, and 6,000 bpd through Jordan by truck.

Iraq’s oil exports for the first half of 2012 totalled $45.269 billion. Iraq’s 2012 budget is for $100 billion, and it is dependent on projected revenues from oil exports of 2.6 billion barrels daily at $85 per barrel.

(Sources: Associated Press, Aswat al-Iraq, AIN)

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