Iraqi Oil Exports Fall 2.2% in May
The Iraqi Oil Ministry released their figures showing crude oil exports dropped 2.2% in May 2012. The drop was largely due to increased domestic demand as Iraq’s economy grows, and not a result of a decline in production.
Oil exports in May averaged 2.45 million barrels per day, which was lower than April’s 2.51 million barrels per day.
Iraq’s oil exports revenue also fell from $8.8 billion in April to $8.0 billion in May.
Domestic demand for oil is usually higher in the summer months as domestic energy demands are higher – mostly due to air conditions to escape the summer heat.
Iraq’s oil reserves stand at 143 billion barrels — 4th largest in the world — and constitute 95% of the government’s income.
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