IMF Cuts Estimates of Iraq’s Oil Output

Oil prices in the first half of 2010 were higher than estimated by the IMF, but the volume of Iraq’s oil exports remained well below projections.

Export prices of Iraqi oil averaged $75 per barrel in the first half of 2010, compared to a budgeted price of $62.50 per barrel.

Exports, however, averaged 1.88 million barrels per day (mbpd) in the first half of 2010, significantly lower than the target of 2.10 mbpd for the year.

Bad weather delayed tanker loadings at the main export terminals near Basra, while a bomb attack in April temporarily interrupted exports through the northern pipeline to Turkey.

Also, internal political difficulties caused delays in the expected increase in exports from the northern fields.

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