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![]() by Staff Writers Baghdad (AFP) March 1, 2016
Iraq's oil exports and revenue dipped in February compared with the previous month as low global crude prices offered Baghdad no financial respite, a statement said on Tuesday. Iraq's federal government exported a total of 93,536,000 barrels of crude last month, which amounts to a lower daily average than January, the oil ministry said. Revenue slipped only slightly to "over $2.2 billion", with the barrel averaging a price of more than $23 dollars in February, up slightly from the previous month, it said. The 2016 budget agreed by the Iraqi government, which is heavily reliant on oil income, is based on a per-barrel price of $45. Revenue is further slashed by the fact that the autonomous Kurdistan region has in recent months been independently exporting oil from Kirkuk, a disputed province that is largely held by Kurdish forces but is also claimed by Baghdad. The Kurdistan region's government announced last month it had made close to $4 billion from independent sales over the second half of 2015. Baghdad faces a huge budget crunch, with the massive cost of running the war against the Islamic State group and sustained public pressure to deliver better services.
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