Iraq oil sales dip but high prices make up

AMMAN, Jordan, May 22 (UPI) -- Rising oil prices boosted Iraq's month-on-month crude revenue despite a drop in exports last month, according to Oil Ministry data.

The price Iraq's oil fetched, which is lower than the global spot market average, increased from $95.02 per barrel in March to $103.71 per barrel in April.

Despite dropping an average 200,000 barrels per day during that time frame, the 1.9 million bpd average brought in $5.92 billion.

Iraq's oil sales totaled $23.9 billion through May 14 this year, according to the U.S. State Department's Iraq Weekly Status Report.

A gain in exports from the north from 319,000 bpd in March to 443,000 bpd in April was offset by a drop from the south, where most of Iraq's reserves are located and exports are shipped. Exports were 1.46 million bpd, down from 1.59 million.

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Ben Lando, UPI Energy Editor

(e-mail: blando@upi.com)