Iraq oil exports hit highest levels since 2003
Baghdad, March 1, 2011
Iraq exported an average of 2.202 million barrels per day in February, up from 2.16 million bpd in January, a senior oil official said on Tuesday, and the highest export levels since the 2003 US-led invasion.
Falah Alamri, head of the State Oil Marketing Organisation (Somo), said exports from the northern fields, which included crude from the country's Kurdish region, rose to 494,000 bpd. That figure also included 10,000 bpd taken through Jordan via trucks.
The bulk of Iraq's oil exports, averaging 1.708 million bpd, were shipped from the southern oil hub of Basra, Amri said. The average selling price was around $97 per barrel, he added.
Iraq's oil production was 2.7 million bpd in January, the first time it has reached that level in 20 years as investment increased and violence dropped. It sits on some of the world's largest crude reserves.
Iraqi Kurdistan resumed oil exports last month following a halt in 2009 due to a long-standing dispute with the central government in Baghdad over the legality of contracts it signed with foreign oil companies.
Exports from fields in the semi-autonomous northern Kurdish region reached 60,000-70,000 bpd last month.
Iraq has signed a series of deals with international oil companies in a bid to boost its production capacity to 12 million bpd in seven years, which could make it a close rival to global oil giant Saudi Arabia. However, most analysts say 6-7 million bpd is a more realistic target. – Reuters
More Energy, Oil & Gas Stories
- Egypt to permit factories to use coal for energy
- ME oil, gas transaction value up 15pc
- Victrex to showcase new product in Paris
- Aramco JV puts off giant refinery overhaul to 2015
- Libya threatens to bomb N Korean tanker
- Bahrain 'producing 850MW of surplus power'
- 2,000 experts for Bahrain geosciences summit
- Libyan rebels start oil exports, bypassing govt
- Dubai drilling company set for London IPO
- Opec output soars on higher Iraq exports
- S Korea to pay Iran $550m under nuke deal
- Qatar LPG exports will stay unchanged till 2018
- $14bn Bahrain energy sector focus for summit
- Iraq now world's fastest-growing oil exporter
- Old IT systems pose risk to oil firms
- Thomson Reuters adds commodity monitoring tool
- Oil below $90 to hit GCC economies
- GlassPoint appoints new Oman director
- Sheffield company opens Dubai hub
- Oman targets big rise in gas output
- Intertek buys UAE firm for $66m
- Qaiwan to tender Baizan refinery EPC contract
- Al Maha wins Oman Air fuel supply deal
- Iran to become top gas importer by 2025
- UAE hydrocarbon projects seen hitting $11bn
- Summit focus on occupational safety
- Aramco names new senior VP
- Siemens gets $253m Qatar power contract
- Taqa-led group's India deal worth $1.6bn
- Taqa-led group to buy India power plants