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FINANCIAL NEWS
Iraq’s oil exports to rise in October
26 Oct 2014
(MENAFN) Iraq’s oil exports from its southern terminals are maintaining their high levels, with an average of 2.55 million barrels per day (bpd), while Kurdish shipments are climbing in terms of volume, Gulf News reported.
Southern Iraqi exports, which are currently during October up from the average of 2.54 million bpd during all of September, are within May’s average of 2.58 million bpd, which was the highest rate since at least 2003.
Despite Iraq’s oil supplies being held back by decades of war and sanctions, the country has been witnessing growth in its oil export, particularly in its south region due to Western companies signing a series of service contracts with Baghdad in 2010, which resulted in a boost in export capacity.
The country’s oil exports capacity, which was reviving at the beginning of this year with total exports from Iraq’s northern and southern ports hitting a record 2.80 million bpd in February, was affected by the northern exports of Kirkuk crude being shut since March 2 due to political unrest in the region.
Meanwhile, Iraq’s Kurdistan region has also started exporting a rising amount of oil, with them averaging 180.000 bpd in September and may reach 200.000 bpd in October.
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