Jan 8, 2009

Business - Iraq's 08 oil revenues about $60 billion

BAGHDAD: An Iraqi oil official says the country's oil revenues were up over 30 per cent last year to about $60 billion despite the sharp decline in
world prices in the last half of the year.

Falah al-Amiri, the head of the State Oil Marketing Organization, also told The Associated Press on Thursday that Iraq's oil exports averaged 1.85 million barrels a day in 2008 a 13.5 per cent increase from 2007.

He says December's export levels reached about 1.815 million barrels per day.

He expects Iraq to export 2 million barrels per day this month. Iraq depends on oil revenues for nearly 95 per cent of its budget. It has suffered as oil prices have plunged roughly 70 per cent from record highs of almost $150 last July.

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