Tuesday 28 May 2024
$8.4bn REVENUE

Iraq oil exports hit highest level in 3 decades

Baghdad, October 1, 2012

Iraq's oil exports rose to 2.6 million barrels per day (bpd) on average in September, the highest in more than three decades, compared to 2.565 million bpd in August, an Iraqi oil ministry spokesman said on Monday.

Exports from Basra in the south were 2.18 million bpd in August, while shipments from northern Kirkuk were 420,000 bpd, including around 10,000 bpd taken by truck through Jordan, Asim Jihad said.

Iraq's September exports reached the highest level since 1979 when the Opec member's exports h0it 3.244 million bpd, an oil ministry document showed.

Crude oil exports from Kirkuk in the north were boosted after Iraq's central government and the c ountry's a utonomous Kurdistan agreed last month to end an oil payment dispute after Kurdistan pledged to continue exports.

Last month, shipments from northern Kirkuk were 313,000 bpd, including around 6,000 bpd by truck through Jordan.

Under the agreement, Kurdish authorities pledged to keep oil production for export at 140,000 barrels per day in September before raising it to 200,000 bpd for the rest of the year.

Revenue from the exports totalled $8.4 billion, with each barrel of oil priced at around $107, Jihad said.

Recovering from decades of war and crippling sanctions, Iraq is seeking to boost its oil flows. The bulk of its crude oil is exported from southern Gulf ports.

Iraq has passed the 3 million bpd production level for the first time in three decades and has overtaken Iran to become Opec's second biggest oil producer after Saudi Arabia.

Iraq holds the world's fourth largest oil reserves. – <!--Reuters-->

Tags: Opec | Iraq | Baghdad | Oil Exports | reserves |

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