by Staff Writers
Baghdad (AFP) Sept 1, 2012
Iraq's oil exports reached their highest level in more than three decades last month as the country's output has continued to increase, oil ministry officials said on Saturday.
Overall exports averaged 2.565 million barrels per day (bpd), bringing in $8.442 billion in revenues on the back of average oil prices of $106 per barrel, Falah al-Amiri, head of the State Oil Marketing Organisation, said.
Exports averaged 2.516 million bpd in July.
"The level of exports was the highest in more than 30 years," said ministry spokesman Assem Jihad.
Amiri said oil production currently averaged around 3.2 million bpd.
Iraq has proven reserves of 143.1 billion barrels of oil and 3.2 trillion cubic metres (111.9 trillion cubic feet) of gas, both of which are among the largest in the world.
Crude exports account for the lion's share of government income, and Baghdad is looking to dramatically ramp up both production and sales in the coming years, bringing in much-needed cash to rebuild its conflict-battered economy.
Powering The World in the 21st Century at Energy-Daily.com
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Kurds to continue Iraq oil exports until Sep 15
Arbil, Iraq (AFP) Sept 1, 2012
Iraqi Kurdistan will export oil via federal pipelines until September 15, an official said on Saturday, extending a one-month confidence-building measure amid a row with the central government in Baghdad. The northern autonomous three-province region had halted exports for several months on April 1 over $1.5 billion it said was owed to foreign oil companies working in the region that Baghdad ... read more
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