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Iraq oil exports hit 30-year high

Iraq oil exports in August averaged 2.6 million barrels a day. Iraq made $8.4 billion from its oil exports.

By Associated Press / September 2, 2012

In this August file photo, Iraqis fill up at a gas station in Baghdad, Iraq. Iraq is fast becoming an oil producing powerhouse. Last month, Iraq oil exports hit their highest level in more than 30 years.

Karim Kadim/AP/File

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BAGHDAD

Iraq's Oil Ministry says crude oil exports have averaged 2.565 million barrels a day in August, the highest level in more than three decades.

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Ministry spokesman Assem Jihad said Sunday that last month's revenues stood at $8.442 billion based on an average price of $106 for each barrel. Jihad added that 2.252 million barrels a day were exported through the Persian Gulf and another 313,000 barrels were sent through Turkey's Ceyhan port.

Iraq's oil exports have climbed steadily since last year, thanks to a handful of international oil companies operating in Iraq and to the inauguration of two new export terminals in the Persian Gulf early this year.

Iraq holds the world's fourth largest oil reserves, some 143.1 billion barrels.

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