Iraq Oil Ministry: Crude exports dipped by nearly 15 percent in January; bad weather blamed

Iraq's Oil Ministry says crude exports have averaged 2.516 million barrels a day in January, a decrease of nearly 15 percent from the previous month.

Ministry spokesman Assem Jihad said Thursday that last month's revenues stood at $3.258 billion, based on an average price of $41 per barrel. Iraq's 2015 budget is based on an expected oil price of $56 per barrel with a daily export capacity of 3.3 million.

December's exports averaged 2.941 million barrels a day, bringing that month's revenues to $5.161 billion.

Jihad blamed bad weather in the country's southern facilities on the Persian Gulf that lasted more than two weeks for the exports' dip.

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.