Oil exports beat IMF’s expectations: Iraqi oil ministry

December 25th, 2008 - 5:25 am ICT by IANS  

Baghdad, Dec 25 (DPA) The Iraqi oil ministry has managed a significant increase in oil exports that surpassed expectations of the International Monetary Fund (IMF), a ministry spokesman said Wednesday.The country’s oil exports have hit 1.88 million barrels per day, 11-percent higher than the IMF expected this year, Assem Jihad told the Voices of Iraq (VOI) news agency.

The ministry has largely cut down on oil derivatives’ imports throughout the current year to $1 billion, compared to $4 billion in the previous years, Jihad added.

The ministry had previously announced that Iraqi oil exports rose slightly in November to an average of 1.76 million barrels per day, up from 1.7 million in October.

But revenues declined around 25 percent due to the sliding world oil prices. The ministry said that revenues fell to $2.3 billion after reaching $3.11 billion in October.

Oil exports are the main source for government revenues in the war-torn country.

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