Iraq oil exports increase by 8% in May

Iraqi oil exports increased by eight percent in May according to the spokesman for the Ministry of Oil in Iraq last Sunday, but the number remains below the government’s target for 2014.

The average exports reached in May, 2.582 million barrels per day, up from 2.39 million bpd in April, but below the target level of 3.4 million barrels per day for the current year.

An Iraq Ministry of Oil spokesman, Assem Jihad, said in a press release that the average price of a barrel of Iraqi oil stood at $100.80 dollars in May, which added revenues of $8.07 billion dollars.