Iraq oil exports rise for third month
Iraq’s oil exports rose for a third successive month in November to 2.381 million barrels per day (bpd), from 2.25 million bpd the previous month and 2.07 million bpd in September, according to figures released by the oil ministry.
Iraq oil crude sales brought in revenues of $7.32 billion, almost marking a third consecutive increase.
Despite the increase, average exports remained below the recent highs of 2.62 million bpd achieved as recently as April, as a result of sabotage on the Ceyhan pipeline, as well as poor weather and maintenance being carried out on the southern terminals.
Most of Iraq’s crude is exported via its southern terminals near the port city of Basra, but a significant portion goes through a northern pipeline to the Turkish port of Ceyhan. Officials are aiming to increase production capacity to nine million bpd by 2017, a target that the International Monetary Fund and International Energy Agency have warned is over-optimistic.
