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FINANCIAL NEWS
Iraq’s July crude exports generate USD1b revenue
22 Aug 2012
(MENAFN) Iraq has gained USD1 billion revenue from increased oil exports in July, Reuters reported, citing Ministry of Oil spokesperson Assem Jihad.
July’s crude oil exports hit 77 million barrels, up from 72 million barrels in the previous month, Juhad added.
Oil revenues topped USD6.5 billion in June, or an average of USD90 per barrel, while profits jumped to USD7.5 billion; an average of US97 per barrel in July, he explained.
Jihad expected a further increase in oil exports during the next few months of this year, which will result in increased revenues.
Iraq seeks to boost oil output this year to an average of three million barrels a day, up from current average daily export of 2.6 million barrels, he said.
90 percent of Iraq’s total crude exports go through its three southern seaports including Basra, Khor Al-Umaya and the floating port.
Oil exports from Iraq’s northern oilfields are transported via pipeline to the Turkish port of Ceyhan on the Mediterranean Sea, while other exports travel to Jordan by tanker trucks.
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