Iraq’s Seven-Mth Oil Export Revenue Exceeds $48bn

Iraq earned more than $48 billion in revenue from crude oil exports in the first seven months of this year, Oil Minister Abdul Kareem al-Luaibi [Elaibi] has announced, according to Bloomberg.

The country’s 2011 oil exports will exceed $80 billion and have already “helped the government ease the budget deficit and carry out several projects,” Luaibi said onTuesday in a speech in Baghdad.

Iraq's oil exports for August currently average 2.2 million barrels per day.

Crude exports had declined to fewer than 2.2 million in July because of technical problems after having reached 2.273 million in June, Falah al-Amri, chairman of the State Oil Marketing Organization (SOMO), said in an interview two weeks ago.

Reuters also reports that the dip in July was due to more crude being used to meet growing local demand for fuel because of hot weather.

“Oil exports are due to rise to 2.5 million barrels per day next year,” Luaibi told reporters after the speech.

(Sources: Bloomberg, Reuters)

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