Iraq to increase oil export

“The ministry plans to increase the oil production of all oil fields, especially these that are located in the southern provinces,” an official source in the Iraqi Oil Ministry said.

“The Oil ministry plans to increase the oil production in April to about 59 million barrels in order to increase the revenues to 267 million dollars.” The representative of the oil ministry Abdul Karim Al Luaibi told The Independent National News Agency of Kurdistan (AK news).

 “More than 27 foreign companies from different nationalities bought quantities of exported oil through Basra and Khor al-Amayah ports south of Iraq, and Ceyhan in Turkey, and this will revive the economic situation in the country.”

“The ministry will increase its works to export more oil in the coming period,” Luaibi added.

The Oil Ministry exported last month 57 million and 900 thousand barrels and the revenues reached to 229 million dollars where the average of each barrel is 73.4 dollars.

Iraq produces about 2, 4 million barrels of oil per day and constitutes 85 percent of the state revenue.

It is noteworthy that Iraq has the third oil reserve in the world estimated with 115 billion barrels after Saudi Arabia and Iran.

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