Iraq oil exports total $43 billion in Jan-July

BAGHDAD - Iraq exported 411 million barrels of oil in the first seven months of 2008, bringing in revenues of $43 billion, the country's oil ministry said on Thursday.

By (Reuters)

Published: Fri 8 Aug 2008, 12:10 AM

Last updated: Sun 5 Apr 2015, 11:51 AM

"We expect, if the situation stays the same, that our income will be more than $70 billion this year," ministry spokesman Asim Jihad said.

Iraq has built up oil production this year due to more stable flows from the north, where sabotage and technical problems previously kept supplies all but idle.

Exports in May of 1.99 million barrels per day (bpd) were the highest since before the U.S.-led invasion of Iraq in 2003. June and July figures were slightly lower.

Iraq has the world's third largest oil reserves. As soaring oil prices swell Iraqi revenues, the budget surplus is expected to grow to as much as $50 billion in 2008.

That may shrink if the Iraqi government spends an extra $22 billion added to the 2008 budget, a measure approved by parliament on Wednesday.

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