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Iraq oil exports highest in more than 30 years
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Wednesday, 05 Sep 2012

AFP reported that Iraq's oil exports reached their highest level in more than 3 decades last month as the country's output has continued to increase.

Mr Falah al Amiri head of the State Oil Marketing Organization said that overall exports averaged 2.565 million barrels per day bringing in USD 8.442 billion in revenues on the back of average oil prices of USD 106 per barrel. Exports averaged 2.516 million barrels per day in July.

Mr Assem Jihad ministry spokesman said that "The level of exports was the highest in more than 30 years. Oil production currently averaged around 3.2 million barrels per day.”

Iraq has proven reserves of 143.1 billion barrels of oil and 3.2 trillion cubic meters of gas both of which are among the largest in the world. Crude exports account for the lion's share of government income and Baghdad is looking to dramatically ramp up both production and sales in the coming years, bringing in much-needed cash to rebuild its conflict battered economy.

Source - AFP


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