Iraq says crude oil exports rise slightly in May

AP News
Posted: Jun 01, 2014 10:00 AM

BAGHDAD (AP) — Iraq's Oil Ministry says crude oil exports have increased slightly in May despite constant militant attacks that have left a vital oil pipeline idle.

Ministry spokesman Assem Jihad said Sunday the exports averaged 2.582 million barrels a day last month, an increase from the 2.510 million barrels per day in April. Jihad said the sales grossed $8.68 billion, up from $7.582 billion last month.

He added that the major pipeline to Turkey's Mediterranean port of Ceyhan has been out of service since March because of terrorist attacks. The pipeline, pumping 300,000 to 400,000 barrels a day, has been a favorite target for militants.

Iraq holds the world's fourth-largest oil reserves, some 143.1 billion barrels. Oil revenues make up nearly 95 percent of Iraq's budget.