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Iraq’s oil exports rise to 71.4 mln barrels in November -oil ministry

By: | at 06:37 AM | Channel(s): International Trade  

Iraqi oil exports rose to about 71.4 million barrels in November despite bad weather, portmaintenance in the south and disruptions along the country’snorthern pipeline, the oil ministry spokesman said on Thursday.

The average selling price was $102.577 per barrel, netting $7.324 billion in revenues, spokesman Asim Jihad added. About 62.2 million barrels were shipped from the southern oil port of Basra and 9.2 million from Kirkuk in the north.

“The exported quantities and the revenues rose despite thebad weather, the maintenance work in the southern ports ... inaddition to the stoppage of pumping through Kirkuk to Turkeybecause of sabotage,” Jihad said by phone.

Iraq said last month it exported an average of 2.253 millionbarrels a day in October, implying a total of about 69.8 millionbarrels for that month.

After decades of wars and sanctions, oil output from OPEC’ssecond-biggest producer began a swift revival in 2010 after BigOil signed deals to tap its southern oilfields.

But infrastructure and security problems, on top of a rowbetween Baghdad and the Kurdistan region, have slowed progressthis year - it had hoped to hit 3.5 million barrels per day bythe end of 2013.

Iraq is expected to show a second year of only modest outputgrowth in 2014.