Iraq Makes $88m Per Day From Oil

BAGHDAD, 8 November 2005 — Iraq is making $88 million per day from its oil exports to world markets, Oil Minister Ibrahim Mohammed Mahr Al- Olum said in press remarks published yesterday. “Iraq’s crude oil exports are now totaling 1.6 million barrels per day and a barrel is selling for $55, therefore Iraq’s income is 88 million barrels per day,” Olum told the US funded Al-Sabah newspaper. He said despite the high price of oil internationally, Iraq is still suffering from oil derivative shortages prompting Baghdad to import from neighboring countries.