Iraq’s Oil Export Revenue in May Increases to Most This Year
Iraq, holder of the world’s fifth- largest oil reserves, exported 2.23 million barrels of oil a day in May, with record revenue this year of $7.4 billion, said Falah al-Amri, chairman of the State Oil Marketing Organization.
Iraq sold crude at an average price of $108 a barrel last month, he said today in a telephone interview from Baghdad.
Dependent on oil for most government revenue, Iraq is struggling to raise exports and is seeking foreign investors to boost output after decades of conflict and sanctions destroyed its infrastructure. The crude industry has also suffered in recent years from insufficient spending and insurgent attacks.
The port of Basra in the country’s south exported 1.725 million barrels of crude a day last month while the oil hub of Kirkuk in the north shipped 490,000 barrels a day, al-Amri said. Another 10,000 barrels a day were shipped to Jordan by trucks, he said.
Iraq has signed 15 gas and oil licenses since the 2003 U.S.-led invasion that ousted the regime of former President Saddam Hussein. It expects current oil output to rise to more than 3 million barrels a day by the end of this year, compared with 2.4 million barrels a day in December.
To contact the reporter on this story: Nayla Razzouk in Amman at nrazzouk2@bloomberg.net
To contact the editor responsible for this story: Inal Ersan at iersan@bloomberg.net
Rate this Page