Iraq says the country’s oil revenues have dropped by 17.6 percent from May to June due to plummeting oil prices and the diversion of some production to meet domestic needs.
Oil Ministry spokesman Assem Jihad said Monday that Iraq earned $6.453 billion in June compared to $7.831 billion in May.

He said June’s exports averaged 2.403 million barrels a day, down from an average of 2.452 million barrels in May. Domestic demand in Iraq usually increases during the hot summer months, mainly for running private generators.

Iraq holds the world’s fourth largest oil reserves, 143.1 billion barrels. Oil income makes up nearly 95 percent of its budget.

Waning euphoria over the latest EU plans to tackle its economic woes plus signs of a slowing Chinese economy dragged crude prices down.

Source: the Associated Press