Official: Iraq’s oil October exports drop due to insurgent attacks, but revenues increase

Iraq’s Oct. oil exports drop due to attacks

BAGHDAD — An Iraqi official says insurgent attacks caused a 4 percent drop in the country’s oil exports in October compared to the previous month, but that revenues were up due to higher prices.

Oil Ministry spokesman Assem Jihad says exports averaged 1.877 million barrels a day in October, grossing $4.187 billion with an average price of $71.94 a barrel.

September oil exports stood at 1.956 million barrels a day and yielded $3.877 billion with an average price of $66.05 a barrel.

Jihad told The Associated Press Sunday the slip in exports was due to two insurgent attacks on the pipeline that sends crude to Turkey’s Mediterranean port of Ceyhan, causing a nine-day disruption.

Oil sales account for about 95 percent of Iraq’s total revenue.