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Iraq's oil revenues drop by 17.6 percent in June

Posted by:Lisa Time:2012.07.21 08:06

  Iraq's oil revenues dropped by 17.6 percent from May to June due to plummeting prices in the international market and the diversion of some production to meet domestic needs, the government said Monday.

  The decline in revenues challenges oil-reliant Iraq, since the violence-plagued country needs hundreds of billions of dollars for reconstruction after the withdrawal of the last U.S. troops late last year. Oil revenues make up about 95 percent of the fragile democratic government's budget.

  Still, the country is rapidly expanding production to levels not seen since before the U.S.-led invasion, and it is expected to overtake Iran as the second-largest exporter in OPEC soon, especially as new EU sanctions took effect this week to punish Iran for its suspected nuclear weapons program.

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