Iraq Oil Exports for January Decline

By Patrick Schmidt.

The Ministry of Oil announced that oil exports averaged 2.516 million barrels per day in January. This number represents a decrease of almost fifteen percent from December 2014.

Based on international oil prices, this would create revenue of $3.258 billion. December 2014 boasted revenue of $5.161 billion for Iraq. Oil revenue makes up 95 percent of Iraq’s budget.

The ministry blamed bad weather in the Persian Gulf for two weeks during the month of January.

(Source: US News)

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