Iraq's oil exports in February fall below planned levels

March 1, 2016 9:45 AM

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BAGHDAD – Iraq's Oil Ministry says crude exports averaged 3.225 million barrels a day in February, far below levels planned to provide the nation with badly needed cash for ongoing military operations against Islamic State extremists.

Ministry spokesman Assem Jihad said on Tuesday that the exports grossed about $2.2 billion, based on an average price of about $23 per barrel. Iraq's 2016 budget is based on an expected price of $45 per barrel with a daily export capacity of 3.6 million.

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