Iraq's January Crude Exports Down 14% From Previous Month

Iraq's Oil Ministry says crude exports averaged just over 2.5 million barrels a day in January, a decrease of nearly 14% from the previous month, depriving the nation of badly needed cash both for ongoing military operations against extremists and reconstruction efforts. Last month's revenues stood at over $3 billion, based on an average price of $41.45 a barrel. December's exports averaged 2.9 million barrels a day, bringing that month's revenues to just over $5 billion. Iraq's 2015 budget is based on an expected oil price of $56 a barrel, with a daily export capacity of 3.3 million. The $102.5 billion Iraqi budget runs with a deficit of $21.4 billion. Like other oil-producing countries, Iraq's economy has been affected by the plummeting oil prices.