Oil Minister: The Highest Rate of Iraqi Oil Exports Since 2003
|April 30, 2011||Filled under Iraq Daily News|
Palm – The Iraqi Oil Minister Abdul-Karim Laibi Tuesday the high rate of export of crude oil last February to 2.202 million bpd, the highest since 2003.
He said the coffee through a media statement that the increase in exported quantities of crude oil for the month of February to $ 2.202 million barrels per day, the highest number issued since 2003, noting that the increase is due after the resumption of exports from the northern fields.
The exports in January amounted to 2.161 million barrels per day achieved in Iraq in January higher revenues from sales amounted to 6.082 billion dollars.
In turn, said ministry spokesman Assem Jihad, if the situation continues like this, you will be bridging the budget deficit for 2011, estimated at about 13.3 billion dollars.
The Chamber of Deputies passed the budget (82 billion dollars) earlier.
Iraq produces 2.6 million barrels per day of oil, emits more than two million, but these rates are still lower than those during the former regime.
It is said that oil constitutes 94 percent of the country’s revenues.
The ministry has signed contracts with foreign companies for the development of ten fields, expects to reach production through to about 12 million barrels per day within six years, while Iraq has the third oil reserves in the world is estimated at 115 billion barrels after Saudi Arabia and Iran.
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