Iraq Oil Exports: 2010 Volume Down, Revenue Up

Iraq exported slightly less crude in 2010 compared to the previous year, but still earned 26.3 percent more due to an increase in global oil prices, reports AFP, quoting an official statement on Wednesday.

The country exported $52.2 billion (38.1 billion euros) worth of oil last year, compared to $41.3 billion in 2009.

Exports totalled 689.9 million barrels in 2010, compared to about 695.5 million barrels the previous year.

Global oil prices reached about $91 a barrel last year, compared to around $46 a barrel at the beginning of 2009.

Exports from Iraq’s southern terminals, which have a current export capacity of about 1.8 million barrels per day (mbpd), stood at 524.1 million barrels last year, compared with 539.3 million barrels in 2009, the statement said.

Iraq’s 2011 budget is based on an oil price of $73 dollars per barrel, with exports expected to total 2.25 mbpd, bringing in a total projected income this year of $66.7 billion dollars.

After flirting with $100 a barrel earlier this year, oil prices pulled back last week and in Asian trade on Wednesday New York’s main contract, light sweet crude for March delivery, was at $86.41 per barrel.

(Sources: AFP, SOMO)

Comments are closed.