Iraq says oil revenues rise despite low global prices

Iraqi Minister of Higher Education and Scientific Research, Hussain al-Shahristani, who previously served as oil minister and deputy prime minister in charge of energy, speaks at a press conference in Baghdad, Iraq, Saturday, April 2, 2016. Iraq's prime minister on Saturday ordered an investigation into corruption allegations against senior oil officials including al-Shahristani following an expose into bribe-taking published in international media outlets. Al-Shahristani denied he had been involved in any wrongdoing. (AP Photo/Karim Kadim) (The Associated Press)

Iraq's monthly oil revenue has risen by more than 30 percent to $2.9 billion despite low global prices that have placed a major strain on the country's economy.

Oil Ministry spokesman Assem Jihad said in a statement Friday that exports inched up to 3.286 million barrels per day in March from 3.225 million the previous month. Last month's total revenue was just $2.2 billion.

The plunge in oil prices has battered Iraq's economy at a time when Baghdad is struggling to combat the Islamic State group. Iraq holds the world's fourth largest oil reserves, and oil revenues make up nearly 95 percent of its budget.

Jihad says last month's average price was $28 per barrel. Iraq's 2016 budget is based on an expected price of $45 per barrel.