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FINANCIAL NEWS
Iraq exports 2.622m bpd of crude oil in October
24 Nov 2012
(MENAFN) Official data showed that Iraq has exported 2.622 million barrels per day (bpd) in October, up from 2.6 million the previous month, Reuters reported.
Asim Jihad, the oil ministry spokesperson said October oil exports were more than September despite repeated halts from the southern ports due to bad weather and sabotage actions against the Kirkuk-Ceyhan pipeline.
Iraq has exported 2.171 million bpd through southern ports of Basra, while 451,000 bpd were exported from the northern fields of Kirkuk via Ceyhan.
Iraq’s oil output started to increase in 2010 after Baghdad inked 25-contracts with global oil giants such as BP Plc, Exxon Mobil, Eni and Royal Dutch Shell.
Opec member Iraq has the world’s fourth-largest oil reserves and is targeting exports of 6 million bpd by 2017, which would see it overtake its neighbour and fellow Opec member Iran.
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