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ECONOMY
An Iraqi oil worker pictured at an oil refinery in Nasiriyah, Iraq on October 30, 2015. File photo: Haidar Mohammed Ali/AFP
ERBIL, Kurdistan Region – Higher exports and prices saw Iraq bring almost one billion more dollars from oil exports in December over November, according to monthly figures released by the Oil Ministry on Friday.
Iraq exported 88.2 million barrels in December, seven million more than the previous month. Selling at an average price of $47.76 per barrel, Iraq brought in total revenue of $4.2 billion.
Iraq’s oil revenue for November was $3.4 billion, when oil sold at about $6 less per barrel.
Iraq is financially dependent on oil revenues and low prices have worsened the country’s economic woes. Baghdad borrowed 12 trillion Iraqi dinars ($10 billion) from the central bank to cover the fiscal deficit and pay civil sector employees.
Iraq exported 88.2 million barrels in December, seven million more than the previous month. Selling at an average price of $47.76 per barrel, Iraq brought in total revenue of $4.2 billion.
Iraq’s oil revenue for November was $3.4 billion, when oil sold at about $6 less per barrel.
Iraq is financially dependent on oil revenues and low prices have worsened the country’s economic woes. Baghdad borrowed 12 trillion Iraqi dinars ($10 billion) from the central bank to cover the fiscal deficit and pay civil sector employees.
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