Iraq Oil Revenues 34% Ahead of Budget

Iraq’s oil production has risen to 2.63 million barrels a day, up by 15 percent from the same period last year, according to Bloomberg.

Crude exports averaged 2.18 million barrels a day in the first five months of 2011 and are expected to increase in the second half of the year, Hussain al-Shahristani, deputy prime minister for energy affairs, said during a Cabinet meeting on the government’s performance in its first 100 days.

Higher oil prices, averaging $103.6 a barrel, helped Iraq earn $34.1 billion in oil revenue in the first five months of this year, an increase of $8.7 billion, or 34 percent, over budgeted revenue..

Reuters quotes government officials as saying they expect the windfall oil revenue to cover a budget deficit of $13.4 billion projected in 2011.

Two offshore mooring facilities with a total capacity of 1.8 million barrels a day will start operating in the southern oil hub of Basra at the end of the year, and two more with similar capacity will open in early 2012, al-Shahristani said.

(Sources: Bloomberg, Reuters)

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