BAGHDAD, Jan 13: Iraq generated more than $61 billion in oil revenues in 2008, up sharply from the previous year despite the plunge in world prices since last summer, the oil ministry said on Tuesday.

“In 2008 the oil ministry managed to produce and export oil more than previous years which shows a major development and achievement,” oil ministry spokesman Assem Jihad said.

He said revenues reached $61.884 billion, sharply higher than the figure of $35.465 billion predicted by the government, and also up from the 2007 total of $39.8 billion.

The improved revenues come despite the sharp drop in the price of crude oil, which is currently trading at less than one third of its peak of around than $147 a barrel in

July 2008.

The oil ministry official attributed the increase to a hike in production and export.

Jihad said 836.6 million barrels, or an average of 2.286 million barrels per day, were produced in 2008, of which 677.1 million barrels, or an average of 1.85 million barrels per day, were exported.

Production for 2007 was 2.184 million barrels per day, according to Opec’s website.

Oil revenues represent 94 per cent of Iraq’s budget receipts.

Iraqi Oil Minister Hussein al-Shahristani last month announced the launch of a new international tender for development of 11 oil and gas fields in a bid to ramp up the nation’s lagging oil production.

Oil firms are eager to get their hands on Iraq’s enormous oil wealth which holds the world’s third largest proven reserves of crude, with more than 115 billion barrels of oil, after oil kingpins Saudi Arabia and Iran.—AFP