Oil production: Iraq oil sales recover

However, remained far below their peak due to ongoing maintenance and sabotage of pipelines.

BAGHDAD: Iraq’s oil exports in October recovered from a 19-month low, but remained far below their peak due to ongoing maintenance and sabotage of pipelines, figures released on Saturday showed. Iraq exported 69.8 million barrels of oil in October, or 2.25 million barrels per day (bpd), resulting in overall revenues of $7.16 billion, according to the oil ministry. The figures marked an increase from September’s 19-month low of 2.07 million bpd, but remained below the 2.62 million bpd exported in April.  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. Iraq is heavily dependent on oil exports, and the government is seeking to dramatically ramp up its sales in the coming years to fund the reconstruction of its battered infrastructure.

Published in The Express Tribune, November 24^th, 2013.

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