Iraqi oil exports climb in December

Iraqi crude oil exports increased in December 2011 compared to the previous month of November, bringing in higher revenue, the Iraqi Oil Ministry said Monday. Iraq exported 66.5 million barrels of crude oil in December 2011, earning up to 7.061 billion U.S. dollars with an average selling price of 106.180 dollars per barrel, the ministry said in a statement. Some 53.7 million barrels were exported through the southern port of Basra during the month, and 12.8 million barrels were exported via Turkey's port of Ceyhan on the Mediterranean Sea, the statement said. In November 2011, Iraq exported 64.1 million barrels of crude oil, lower than that of December. Also November's exports brought lower revenue of 6.833 billion dollars, lower than that of December with 228 million dollars, and the average selling price was 106.60 dollars per barrel. Earlier, Baghdad signed service contracts to develop a total of 12 oil fields across the country, aiming to give the country the potential to increase its oil output and exports capacity. 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.