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FINANCIAL NEWS
Iraq oil exports fall
12 Aug 2013
(MENAFN) Iraq’s oil exports fell this month and are expected to fall even further next month because of security and infrastructure issues as well as works that are underway on the country’s southern export terminals, The peninsula Qatar reported.
In July, Iraq had exports of 2.324 million barrels per day down by a small amount from June. Metering equipment being installed at the Southern Basra Light will cause oil exports to drop by an additional 500,000 barrels per day next month.
Oil exports are, however, expected to pick up again before the year’s end due to the expected completion and operation of the Majnoon oilfield and other smaller fields in October.
The country has lowered its expected production capacity for the year to 3.4 million barrels per day down from 3.7 million.
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