Iraq's oil export drops in March

Iraq's oil export decreased in March to 2.39 million barrels per day (bpd), compared to 2.8 bpd in February, due to attacks on a major oil pipeline in northern Iraq, the Oil Ministry said on Thursday. Iraq exported a total of 74.3 million barrels over the 31 days of March and brought in 7.5 billion U.S. dollars in revenues, the ministry said in a statement emailed to Xinhua. Iraq exported 73.5 million barrels from the southern port of Basra, and 800,000 barrels via Turkey's port of Ceyhan on the Mediterranean Sea, the statement said. "Repeated attacks on the export pipeline contributed to the March exports fall," the statement quoted ministry spokesman Asim Jihad as saying. Iraq's economy relies on oil revenues for nearly 95 percent of its revenues. In 2010, Iraq announced that its proven oil reserves had increased to 143.1 billion barrels from the previous estimation of 115 billion barrels.