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Iraq oil exports rise to 3 MBPD in Oct
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Sunday, 25 Nov 2012

Reuters reported that Iraq's oil exports rose to 2.622 million barrels per day in October from 2.6 million the previous month.

The oil ministry said that revenues derived from oil last month were USD 8.578 million with an average selling price of USD 105.5 per barrel.

Mr Asim Jihad oil ministry spokesman said that "Iraq October oil exports were more than September despite repeated halts from the southern ports due to bad weather and sabotage actions against the Kirkuk Ceyhan pipeline. Exports are expected to keep heading towards record levels for the next months."

Iraq's oil production, which stagnated for years due to war and sanctions started to rise in 2010 after Baghdad secured service contracts with companies such as BP Plc, Exxon Mobil, Eni and Royal Dutch Shell. Exports from the southern ports of Basra reached 2.171 million barrels per day and 451,000 barrels per day were exported from the northern fields of Kirkuk via Ceyhan.

OPEC member Iraq has the world's fourth largest oil reserves and is targeting exports of 6 million barrels per day by 2017 which would see it overtake its neighbor and fellow OPEC member Iran.

Source - Reuters


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