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April 08, 2012

Iraq exports 2.317 million barrels of oil and will export 2.6 million at the end of 2012

Bloomber g- Iraq exported 71.827 million barrels, or 2.317 million barrels a day, in March. This is the most the country has exported since 1980. The gain in exports came even as the semi-autonomous Kurdistan region isn’t supplying the agreed quantities, sabotage attacks targeted the northern export pipeline and bad weather slowed tanker shipments in the south.

Asim Jihad said on Feb. 23 that Iraq expects to export more than 2.6 million barrels a day by the end of 2012. The third- largest producer in the Organization of Petroleum Exporting Countries plans to increase daily oil production to 3.4 million barrels a day by the end of the year, up from about 3 million barrels in 2011.

Iraq plans to raise oil production to 4 million barrels per day in 2013. This will likely mean oil exports of about 3.1 million barrels per day. Iraq will negotiate with OPEC to decide on the quota when production reaches 4 million.





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