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Iraq oil exports up in March

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(Globalpost/GlobalPost)

Iraq's overall oil exports, which account for the lion's share of government income, were up in March but average daily exports fell, oil ministry spokesman Assem Jihad said on Tuesday.

Iraq exported 74.9 million barrels of oil in March, an average of about 2.4 million barrels per day, compared to 71 million barrels in February, or about 2.54 million bpd, Jihad said.

Sales brought in $7.772 billion, up from $7.644 billion in February.

Baghdad is almost entirely dependent on crude sales for much-needed revenues to rebuild Iraq's decrepit infrastructure and state-dominated economy, both of which have been shattered by decades of conflict and sanctions.

Iraq has sought in recent years to sign contracts with international energy firms in order to boost output sharply and cement its role as a key global oil supplier.

The country has proven reserves of 150 billion barrels, among the highest in the world.

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http://www.globalpost.com/dispatch/news/afp/130423/iraq-oil-exports-march