Iraq exports over 100 mn barrels of crude oil in May

Baghdad, June 2 (IANS) Iraq exported about 102.46 million barrel of crude oil last month, generating $7.3 billion in revenue, the country’s Oil Ministry announced.

The average price for Iraqi crude oil in May was $71.3 per barrel, said the Ministry on Thursday in a statement, citing statistics from the State Organisation for Marketing of Oil, an Iraqi company.

It added that crude oil exports during the month were from oil fields in central and southern Iraq via the port of Basra, Xinhua news agency reported.

Iraq’s economy heavily relies on crude oil exports, which account for more than 90 per cent of the country’s revenues.