Iraq Oil Exports Rise to 71.4 mln barrels in November

Source: Reuters 12/19/2013, Location: Middle East

Iraqi oil exports rose to about 71.4 million barrels in November despite bad weather, port maintenance in the south and disruptions along the country's northern pipeline, the oil ministry spokesman said.

The average selling price was $102.577 per barrel, netting $7.324 billion in revenues, spokesman Asim Jihad added. About 62.2 million barrels were shipped from the southern oil port of Basra and 9.2 million from Kirkuk in the north.

"The exported quantities and the revenues rose despite the bad weather, the maintenance work in the southern ports ... in addition to the stoppage of pumping through Kirkuk to Turkey because of sabotage," Jihad said by phone.

Iraq said last month it exported an average of 2.253 million barrels a day in October, implying a total of about 69.8 million barrels for that month.

After decades of wars and sanctions, oil output from OPEC's second-biggest producer began a swift revival in 2010 after Big Oil signed deals to tap its southern oilfields.

But infrastructure and security problems, on top of a row between Baghdad and the Kurdistan region, have slowed progress this year - it had hoped to hit 3.5 million barrels per day by the end of 2013.

Iraq is expected to show a second year of only modest output growth in 2014.

For more information about related Opportunities and Key Players visit Iraq Oil and Gas Projects

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