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FINANCIAL NEWS
Iraq’s south oil exports on track to reach post-war record
21 Aug 2012
(MENAFN) Iraq’s oil exports from its southern ports have increased by 30,000 barrels per day (bpd) so far in August compared to July, Reuters reported, citing shipping data.
The data showed that Iraq’s crude exports from its southern ports averaged 2.25 million bpd in the first 20 days of August, putting exports on track to a post-war level.
July crude oil imports averaged 2.22 million bpd, achieving the highest level since before the 2003 US-led invasion, data from the International Energy Agency (IEA) showed.
Iraq’s oil exports come mostly from its southern oilfields including Rumaila; run by BP, West Qurna-1; run by Exxon Mobil and Zubair; run by Eni.
In addition, an Iraqi official said in July the Halfaya field operated by China National Petroleum Corp. was pumping at least 80,000 bpd, helping to boost flows.
Iraq crude exports also include about 300,000 bpd from its north. Iraq said its exports reached 2.52 million bpd in July. Low northern exports may limit the increase in overall Iraq supply in August.
Iraq was exporting about 400,000 bpd from the north earlier this year until the government of Iraq’s Kurdistan region said in April it was halting flows because firms operating there were not getting paid by the central government in Baghdad.
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