Iraq Oil Exports Up 3.7% in December

Source: Bloomberg 1/23/2012, Location: Middle East

Iraq, which is seeking to boost crude exports to rebuild its economy, said oil shipments climbed 3.7 percent in December to 66.5 million barrels, generating the highest revenue in four months, $7.06 billion. Daily crude exports in December averaged 2.15 million barrels, Asim Jihad, a spokesman for the Oil Ministry in Baghdad, said today in an e-mailed statement. Iraq exported 64.1 million barrels of crude in November, yielding $6.83 billion, according to the State Oil Marketing Organization’s website.

Iraq, the third-largest producer among the Organization of Petroleum Exporting Countries, plans to boost output capacity this year to 3.4 million barrels a day and export capacity to 2.6 million barrels, Oil Minister Abdul Kareem al-Luaibi said on Jan. 18. Exports will benefit from four new offshore loading facilities in the Persian Gulf that will go into service by 2013. Each can handle 850,000 barrels a day, he said.

The first mooring unit will start pumping oil for tankers in the Persian Gulf on Jan. 27, the ministry said in an e-mailed statement.

Revenue in December from the southern oil center of Basra rose to $5.72 billion on 53.7 million barrels in exports, Jihad said. Sales from the northern hub of Kirkuk were $1.34 million on shipments of 12.8 million barrels, he said. The average price of oil was $106.18 a barrel in December, Jihad said.


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