Iraq Oil Exports Hit 57.9m Barrels in February

Iraq exported 57.9 million barrels of crude oil in February 2010 at an oil price of $73 a barrel, the Iraqi Ministry of Oil said on Tuesday.

“Iraq has made $4.229 billion U.S. dollars in revenues,” according to a ministry statement received by Aswat al-Iraq news agency.

A total of 45.2 million barrels have been exported from Basra oilfields and 12.7 million barrels from Kirkuk.

The crude has been sold to 26 oil companies and exported via the ports of Basra, Khour al-Amiya and the Turkish Ceyhan.

However AFP reports that Iraqi oil revenues dipped on slightly lower oil prices despite the highest level of exports in 20 years.

“Revenue was 4.229 billion dollars, based on an average price of 73.4 dollars per barrel and exports of 57.9 million barrels,” ministry spokesman Assem Jihad told AFP.

Iraq had revenues of 4.44 billion dollars in January, based on oil prices of 73.97 dollars per barrel.

The oil ministry said at the beginning of March that exports in February had reached 2.069 million barrels per day, the highest level since Saddam Hussein’s invasion of Kuwait two decades ago.

With an estimated 115 billion barrels, Iraq has the world’s third largest proven oil reserves behind only Saudi Arabia and Iran.

( Aswat Al Iraq )

Comments are closed.