9-10-2012
Iraq is now OPECs second largest producer: Highest output for 30 years.
Iraq’s oil exports rose to 2.565 million barrels per day (mbpd) on average in August, their highest level for three decades, the head of the State Oil Marketing Organisation (Somo) told Reuters. Iraq exported 2.516 mbpd in July.
Exports from Basra in the south were 2.252 mbpd in August while shipments from northern Kirkuk were 313,000 bpd, including around 6,000 bpd by truck through Jordan, Somo chief Falah Alamri said. “It’s the highest export level in three decades and we are moving ahead to reach another record next month,” Alamri said. A rise in Iraqi supplies this year has helped to keep a lid on prices as Western sanctions target Iran’s exports.
Revenue from the exports totalled about $8.4 billion, with an average selling price per barrel of around $106. Recovering from decades of war and crippling sanctions, Iraq is seeking to boost its oil flows. The bulk of its crude oil is exported from southern Gulf ports.
With ambitious plans to double its oil production over the next three years, Iraq has passed the 3 mbpd production level for the first time in three decades and has overtaken Iran to become Opec’s second biggest oil producer after Saudi Arabia. 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.