Official says Iraq’s oil exports inch up in May by about 7.4 percent

Iraq’s oil exports inch up in May by about 7.4 pct

BAGHDAD — An Iraqi official says oil exports have inched up more than 7 percent in May compared to the previous month.

Oil Ministry spokesman Assem Jihad says daily exports averaged 1.89 million barrels per day last month. That is an increase of about 7.4 percent from the 1.76 million barrels a day in April.

Jihad adds that May’s revenues stood at about $4.335 billion with an average price of $73.85 a barrel. April’s oil exports grossed $4.222 billion.

He said Tuesday that Iraq exported a total of 45.1 million barrels through the Persian Gulf while 13.6 million barrels were sent through Turkey’s Ceyhan port.

Oil sales account for about 95 percent of Iraq’s revenues. They are a vital part of income for postwar reconstruction efforts.