Iraq oil revenues hit by price plunge

REVENUES HIT: Iraq's oil revenues dropped by $1 billion in October. (Getty Images)

Iraqi oil exports increased in October to an average of 1.7 million barrels per day (bpd), up from 1.64 million bpd in September, the oil ministry said, but a sharp fall in prices reduced revenue by more than $1 billion.

Exports are still several hundred thousand barrels lower than highs reached earlier this year, hampered by technical difficulties at the Basra terminal.

October exports included 1.38 million bpd through Basra in Iraq's south, a ministry spokesman told newswire Reuters, up from 1.32 million bpd in September. Exports of Kirkuk crude from Iraq's north decreased slightly to an average of 319,000 bpd, down from 322,000 bpd in September, the ministry said.

Monthly revenues for October were $3.11 billion with an average price of $58.9 per barrel, down from $4.214 billion in September when Iraq sold oil at an average price of $85.477 a barrel.

Iraq depends almost entirely on oil exports for government revenue, and the government has already had to cut its planned budget expenditure for 2009 due to falling prices and reduced export volumes. (Reuters)

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