Iraq’s crude oil export revenues fell by 7.4 per cent in February to their lowest levels in a year, despite higher oil prices.

The country earned $6.59bn from total exports of 58.4 million barrels, the lowest monthly figure since November 2010, as bad weather in the Gulf and pipeline sabotage hampered its efforts, according to the latest figures released by the Oil Ministry.

Crude oil exports from the south of Iraq to the Gulf dropped to only 47.5 million barrels, or 1.64 million barrels a day (b/d), down 4.6 per cent from January exports of 1.71 million b/d.

Southern oil export revenues totalled $5.35bn, a drop of almost 8 per cent from the $5.81bn earned in January. Iraq’s average oil prices were up in February to $112.928, against $109.081 in January.

Exports through the northern oil export pipeline declined by more than 10 per cent to 10.9 million barrels, from 12.2 million barrels in January.

Oil Ministry spokesman Assem Jihad told reporters on 21 March that exports had been cut by sabotage at the northern export pipeline, which runs from the Kirkuk field to the port of Ceyhan in Turkey. No further details were given.

March figures are expected to see a boost to Iraq’s southern exports with the opening of a new single-point mooring station (SPM) near the Basra Oil Terminal on 12 February. However, just a week after loading its first shipment on 8 March, operations at the SPM were halted due to technical issues. By 27 March, the SPM had resumed loading.