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FINANCIAL NEWS
Iraq’s oil exports undergo brief interruption
08 Dec 2011
(MENAFN) Iraq’s North Oil Company said that as a result of technical faults and a brief lack of storage at a Turkish port, crude exports from Northern Iraq dropped to 10,000 barrels per day (bpd) compared with 400,000 bpd to 500,000 bpd in normal levels, reported Gulf News.
The firm added that the decline continued for around four and a half hours before returning to normal levels, adding that the amount was transferred through a pipeline terminating at Turkey’s Ceyhan terminal on the Mediterranean Sea.
It also said that last month, the country exported crude at an average rate of 2.135 million bpd, whereas it produced an average of 2.705 million barrels bpd during the month.
It is worth noting that Iraq holds the world’s fifth-biggest crude deposits, and the government seeks foreign funds and expertise to help boost energy exports to enhance the country’s economy.
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