Iraq's oil ministry says oil exports have increased slightly in December compared to the previous month, according to AP.January 23 statement says last month oil exports averaged 2.145 million barrels per day, up from 2.136 million barrels per day in November.

The country generated $7.061 billion in sales for the month, based on an average price of $106.18 per barrel compared to November's revenue of $6.833 billion during which the average price per barrel was $106.599.

Iraq relies on oil exports for 95 percent of its revenues, and the uncertainty in the market stemming from Iran's threat to choke off the vital Strait of Hormuz in retaliation for potential Western sanctions that affect its own oil exports has helped support global crude prices.