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Iraq's oil exports down 15 pct in January due to poor weather

Xinhua, February 12, 2015 Adjust font size:

Iraq's oil exports dropped almost 15 percent in January due to bad weather, the Oil Ministry said on Thursday.

"The bad weather, which lasted more than two weeks, in the southern ports, directly affected the process of loading oil tankers," the ministry said in a statement. "Without this delay, the (daily) average of oil exports would exceed the average of the previous month."

In January, Iraq exported 2.516 million barrels per day (bpd), compared to 2.948 million bpd in December, the ministry said in a statement.

Iraq exported a total of 78 million barrels over the 31 days of January and brought in 3.258 billion U.S. dollars in revenue, with an average selling price of 41 dollars per barrel.

In 2014, Iraq exported 918.114 million barrels of crude oil, earning 84.215 billion dollars in revenue.

Iraq's economy relies on oil revenues for nearly 95 percent of its revenues.

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