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FINANCIAL NEWS
Iraq’s oil exports rise in December to record high
24 Dec 2014
(MENAFN) Iraq’s oil exports are registering an increase in December toward a record high, as OPEC’s second-largest producer pumps more oil despite the decline in oil prices, which resulted in them reaching their five-year low, Arab News reported.
According to the data for the first three weeks of December, exports from Iraq’s southern terminals, which produce bulk of Iraq’s oil, have averaged at least 2.60 million barrels per day (bpd)
In addition to the south region’s production, an increase was also registered in the production of the Kurdistan region after reaching an initial agreement with the Iraqi government, allowing them to resume production and export it through their lines.
Iraq’s State Oil Marketing Organization (SOMO), which has been exporting about 180.000 bpd of Kirkuk so far in December, said that with the addition of the Kirkuk oil, the pipeline exports of Iraq’s main crudes have reached to around 2.78 million bpd, close to the 2.80 million bpd record high posted in February.
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