BAGHDAD, July 23 (UPI) -- Revenues from Iraqi oil exports brought the country $3.1 million for the month of June based on average daily prices, a spokesman for the Oil Ministry said.
Assim Jihad, the spokesman for the Iraqi Oil Ministry, said with oil prices averaging roughly $64 a barrel in June, the country put $3.17 million into government coffers from oil exports.
Iraq relies on oil exports for the vast majority of its federal budget, which estimates exports of 2 million barrels per day at $50 per barrel.
June oil exports rose 19,000 barrels per day from May to 1.93 million bpd as northern exports reach their highest level since the U.S.-led invasion in 2003.
The rise is attributed in part to Kurdish exports as well as increased production in southern fields. Jihad added companies from Korea, China, India and the United States were purchasing Iraqi oil, the Voices of Iraq new agency reports.
Iraq held auctions for 20-year service contracts for eight oil fields in the country in June, but was only able to reach a deal for the Rumaila field in southern Iraq with BP and China National Petroleum Corp.
Rumaila is the largest oil field in Iraqi with an estimated 17 billion barrels of oil reserves.
