Iraq oil exports hit 20-year high

Iraq’s crude exports in April were the highest monthly figure in more than 20 years, oil ministry spokesperson Assem Jihad said on Tuesday.

Overall Iraqi oil exports reached the highest level since 1989, he said, and brought in $8.8-billion in revenues for the government, which depends on crude sales for the lion’s share of its income.

Overall oil exports last month averaged 2.508-million barrels per day (bpd), equating to 75.25-million barrels over the course of April.

By comparison, Iraq exported 71.827-million barrels of oil in March, at an average daily rate of 2.317-million bpd and generating $8.475-billion in revenues.

“Our goal is to export 2.6-million barrels per day, and we are about to reach this point,” Jihad said.

“The reason for this is the two new oil platforms which contributed significantly to creating export facilities for Iraqi production.”

Iraq’s second of five planned floating Gulf oil terminals came online last month, after one began exporting in March, increasing the country’s export capacity from the south to 3.5-million bpd.

The country currently produces upwards of three million bpd, and Oil Minister Abdelkarim al-Luaybi has said it plans to increase output and exports this year to 3.4-million bpd and 2.6-million bpd respectively. — Sapa–AFP

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