December exports fall, but revenues rise on strong oil price
As Iraq throttles back production to meet OPEC quota, higher global oil prices help offset reduced exports.
An oil jetty at the Mediterranean port of Ceyhan in Turkey, photographed in September 2003. (YORAY LIBERMAN/Getty)
Iraq's nationwide crude exports fell by more than 3 percent to an average 3.874 million barrels per day (bpd) in December.*
The decreased oil sales appeared to reflect Iraq's decision to throttle back production in an effort to comply with an OPEC agreement – a strategy that seems to be bearing fruit, as strong oil prices helped increase government revenues despite the export dip.
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