The Iraqi ministry of oil announced that the country's oil revenues in March have registered a new record. According to the ministry, Iraq exported 66.9 million barrels of crude at an average price of $107.13 a barrel, for a total of $7.167 billion. It is the highest level of revenues since the invasion of Iraq in 2003.
Oil revenues represent 94% of government total revenues. In this connecton, the central bank of Iraq said that the country cannot achieve financial stability as long as relies heavily on oil revenues. Faced with this situation, the central bank is obliged to keep $50 billion in reserves to prevent possible shocks to the structure of the Iraqi economy in the case of sudden sharp decline in oil revenues.
Source: alrafidayn.com, April 26, 2011; alrafidayn.com, April 24, 2011