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Iraq's oil export in June reaches highest level in decades

Xinhua, July 1, 2015 Adjust font size:

Iraq's oil export in June, at 3.187 million barrels per day (bpd), was the highest in decades, the Oil Ministry said on Wednesday.

Iraq exported a total of 95.612 million barrels over the 30 days of June and brought in 5.318 billion U.S. dollars in revenue, the ministry said in a statement emailed to Xinhua.

The average of oil export in June was even higher than 3.145 million bpd in May, which also reached the record level in decades.

The ministry said the latest increase in the average of oil export was "unprecedented in decades," and attributed the increase to its "extraordinary efforts."

"The ministry has made extraordinary efforts to increase its exports of crude oil in order to achieve additional revenues for the federal budget," the statement quoted ministry's spokesman Asim Jihad as saying.

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

Iraq's economy relies on oil for more than 90 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 barrels. Endit