Iraq Oil Income Jumped by 60% in 2011

Increased volumes and the higher price of crude oil pushed Iraq's income from oil sales up by nearly 60 percent in 2011 compared to the previous year, according to AFP.

Oil ministry figures published on Monday showed that total exports of oil increased 15 percent to 790.5 million barrels of oil, or an average of around 2.17 million barrels per day (bpd), compared to 689.9 million barrels in 2010.

Prices rose by around a third, bringing in revenue of $82.988 billion in 2011, versus $52.2 billion the previous year.

Iraq exported 66.5 million barrels of oil in December, the highest such figure since August, at an average price of $106.18 per barrel, generating $7.061 billion in revenues.

May, however, remained Iraq's best month in 2011, with 69 million barrels of exports bringing in $7.47 billion.

(Source: AFP)

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