Iraq oil exports bring in over 8bn USD

The Iraqi oil exports brought in 8. 202 billion U.S. dollars revenues from selling 78.6 million barrels in November, the Iraqi Oil Ministry said on Monday. The average of the crude oil exports was 2.62 million barrels per day (bpd) for the month with an average selling price of 104. 35 dollars per barrel, the ministry said in a statement obtained by Xinhua. Iraq exported 2.194 million bpd through the southern port of Basra, and 426,000 bpd were exported via Turkey's port of Ceyhan on the Mediterranean Sea, the statement said. In October, Iraq exported a total of 81.3 million barrels of crude oil during the 31 days of the month, bringing in revenues of 8.758 billion dollars. Iraq is planning to double its oil production over the next three years, and has passed the production level of 3 million bpd for the first time in three decades. The country depends on oil revenues for nearly 95 percent of its budget. In 2010 Iraq announced its proven oil reserves had increased to 143.1 billion barrels rising from the previous estimation of 115 billion barrels.