Iraq's oil exports slightly decline in January

Iraq's oil ministry says oil exports have declined slightly in January compared to the previous month. Monday's statement says last month oil exports averaged 2.107 million barrels per day, down from 2.145 million barrels per day in December. The sales grossed $7.123 billion based on an average price of $109.081 per barrel. December's revenues stood at $7.061 billion with an average price of $106.18 per barrel. The oil was sold to 29 international oil companies. Iraq relies on oil exports for 95 percent of its revenues, and the uncertainty in the market stemming from the conflict between the West and Iran over its controversial nuclear program has helped support global crude prices. Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.