Iraq’s Oil Ministry stated that its crude exports declined to an average of 3.225mb/d in February, far below levels planned to provide the nation with badly needed cash for ongoing military operations against Islamic State extremists, The Seattle Time reported. Exports in the last month grossed about $2.2b, based on an average price of about $23 per barrel, the ministry said in a statement.
The figures stand in slight contrast to the January export rates of 3.283mb/d, with a total monthly revenue of almost $2.3b.
The decline is projecting negatively into Iraq’s 2016 budget, which is based on an expected price of $45 per barrel with export capacity of 3.6mb/d, Abc News wrote.
In addition, Iraq’s economy has been severely hit by plummeting oil prices since 2014 and this year’s budget at about $89.7b is running with a deficit of around $20.5b, which is expected to be relieved through loans from local and international lenders.