Iraq march oil exports highest since 1989: ministry

Iraq's crude exports in March were the highest monthly figure in more than two decades and should continue to rise, oil ministry spokesman Assem Jihad said on Sunday.

Iraqi oil exports in March reached a level not seen since 1989, Jihad told AFP by telephone. An oil ministry statement had earlier put the monthly figure as the highest since 1980, but Jihad said the year given was incorrect.

The oil ministry statement said that Iraq exported a total of 71.827 million barrels of oil last month, equating to an average daily rate of 2.317 million barrels per day and generating $8.475 billion in revenues.

Average oil prices for the month were $118 per barrel, the statement said.

Iraq has vast untapped crude reserves and depends on oil sales for the majority of government income.

Officials in Baghdad have said the country could have the ability to produce up to 12 million bpd by 2017, though the IMF has said this target is too ambitious.