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Iraq’s August oil exports at 2.565m bpd

02 Sep 2012

(MENAFN) Iraq’s oil exports reached the highest level in thirty years at 2.565 million barrels per day (bpd) on average in August, Reuters reported.

According to the head of the State Oil Marketing Organisation (SOMO) Falah Alamri, Iraq’s crude exports from Basra in the south hit 2.252 million bpd last month, while exports from northern Kirkuk were 313,000 bpd, including around 6,000 bpd by truck through Jordan.

Revenue from the exports totaled about USD8.4 billion, with an average selling price per barrel of around USD106, Alamri added.

Iraq has increased crude supplies this year, helping in stabilizing global oil prices as Western sanctions lowered Iran’s exports by 1 million bpd.

Recovering from decades of war and crippling sanctions, Iraq is seeking to boost its oil output and exports.

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