Iraq's oil exports increase 1.1 percent in October

BAGHDAD (AP) -- Iraq's Oil Ministry says crude exports have averaged 2.622 million barrels a day in October, a nearly 1.1 percent increase from the previous month.

Ministry spokesman Assem Jihad said Thursday that last month's revenues stood at $8.578 billion, based on an average price of $105.510 per barrel.

September's oil exports averaged 2.593 million barrels a day, bringing that month's revenues to $8.371 billion, based on an average price of $107.596 per barrel.

Iraq's oil exports have climbed steadily since last year, thanks to a handful of international oil companies operating in Iraq and to the inauguration of new export terminals in the Persian Gulf early this year.

Iraq holds the world's fourth largest oil reserves, some 143.1 billion barrels. Oil revenues make up nearly 95 percent of Iraq's budget.