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FINANCIAL NEWS
Iraq’s oil revenue hits $4.62b in November
27 Dec 2010
(MENAFN) Iraq’s State Oil Marketing Organisation (SOMO) revealed that during November, revenue form the country’s crude oil exports accelerated to $4.62 billion, hitting a year high, led by increased revenues from Basra region, which reached $3.69 billion, with exports of 46 million barrels during the same period, Bloomberg reported.
However, Shipments from the northern oil hub of Kirkuk fell to 11.3 million barrels in November, from 12.5 million barrels, month on month. Sales from Kirkuk generated $925 million compared with $993 million a month earlier, SOMO data showed.
According to official data, during November, overall exports decreased 2.4 percent to 57.3 million barrels, or about 1.91 million barrels a day, against 58.7 million barrels, or 1.89 million barrels a day, month on month.
It is worth noting that ever since the US-led invasion into Iraq, the government has awarded 12 oil development contracts to international firms in order to boost oil production, which has suffered from insurgent attacks and lack of investment.
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