Iraq Earns $60B from 2008 Oil Exports, Averages 1.85MM BOPD

AMMAN (Dow Jones Newswires), Jan. 7, 2009

Iraq's crude oil exports averaged 1.85 million barrels a day in 2008, some 13.5% more than in 2007, the head of the country's State Oil Marketing Organization, or SOMO, said Wednesday.

Iraq's revenues from crude oil sales in 2008 reached around $60 billion, or 33.6% more than in 2007, Falah Alamri told Dow Jones Newswires by telephone from Baghdad.

The increase in oil revenues was helped by a surge in oil prices and an anticipated rise in exports at the beginning of 2008 that helped offset the sharp decrease in the market from a record high of $147 a barrel in July to as low as $36.94 a barrel in the last week of December.

 Copyright (c) 2008 Dow Jones & Company, Inc.

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