Baghdad (AFP) Feb 23, 2011
Iraq's oil exports and revenues from crude sales in January hit their highest levels since the 2003 US-led invasion which ousted Saddam Hussein, the oil ministry announced on Wednesday.
Iraq exported a total of 67 million barrels of oil last month, generating $6.082 billion in income at an average price of $90.78 a barrel, according to figures published by the ministry.
"It's the highest exports and revenues for Iraq since 2003, and this will cover the budget deficit if it continues," ministry spokesman Assem Jihad told AFP.
Jihad said production had increased to between 2.6 and 2.7 million barrels per day (bpd), and was projected to increase three million bpd by the end of the year.
Oil sales account for around 90 percent of government income. The country's budget, approved last Sunday, factors in oil prices of $76.50 per barrel and average exports of 2.2 million bpd.
Most of the January increase in exports passed through the southern port of Basra, which already accounts for the vast majority of foreign sales, the ministry's figures showed.
A total of 54 million barrels of oil were exported from Basra, while the remainder passed through the Ceyhan oil pipeline connecting northern Iraq with Turkey.
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Indigenous Ecuadoran woman humbles US oil giant
Rumipamba, Ecuador (AFP) Feb 22, 2011
She has no legal training, and doesn't speak the Spanish that dominates government in Quito but indigenous villager Maria Aguinda helped bring a landmark judgment against US oil giant Chevron for polluting the rain forest she calls home. The diminutive grandmother whose modest home sits near marshes clogged for decades in sticky oil has been at the heart of the David-and-Goliath case, and sp ... read more
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