Oil Exports hit Record in November

By John Lee.

Iraq's oil exports rose to a record average of 3.37 million barrels per day in November, up from 2.7 million bpd the previous month, reports Reuters.

Officials at the South Oil Company (SOC) said the jump in exports was facilitated by the large quantities of crude held in storage due to bad weather in October, adding that it would therefore be difficult to maintain the same level of exports in December.

Average production in November hit 3.66 million bpd, also the highest in decades, according to oil ministry spokesman Asim Jihad.

All exports were from the southern ports, with shipments from via pipeline to Turkey's Ceyhan port completely halted for the second month in a row.

At an average price of around $36.42 per barrel, oil revenues for November totaled $3.67 billion.

(Source: Reuters)

(Oil image via Shutterstock)