Iraq Oil Ministry: Crude exports, revenues climb sharply in third quarter of 2009
Associated Press
10/27/09 6:45 AM EDT
BAGHDAD — Iraq's oil ministry says crude exports climbed almost 6 percent in the three months period ending last month while revenues surged over 27 percent.
Ministry figures released Tuesday show that oil exports averaged 1.998 million barrels per day in the third quarter of 2009, compared to an average of 1.885 barrels per day in the preceding quarter.
Oil revenues rose to $12.18 billion versus $9.57 billion in the prior quarter as global crude prices continue their rebound after collapsing in the second half of 2008.
Oil sales account for about 95 percent of Iraq's total revenue and are a vital part of the war-ravaged nation's reconstruction efforts. But weak crude demand, faltering global prices for oil and trouble boosting output have hit the country hard.
