Iraq crude export revenues drop in Sept

Baghdad (IraqiNews.com)- Iraq’s crude oil export rose in volume but dropped in earnings in September due to lower prices on the international market, the Oil Ministry said on Thursday.

The country, which relies on oil for nearly 95 percent of its revenues, brought in 6.916 billion U.S. dollars in September from exporting 76.2 million barrels of crude, the ministry said in a statement.

Crude export volume rose 2.6 million barrels in September from the previous month, but earnings were 256 million dollars less than in August.

Average daily crude export was 2.54 million barrels in September, with an average selling price of 90.76 dollars per barrel, down from 97.44 dollars in August, the ministry said.

In 2010, Iraq announced that its proven oil reserves had increased to 143.1 billion barrels from the previous estimation of 115 billion barrels. /End/