Bulk of Iraqi oil exports falls to East Asia

Oil&Gas Materials 4 April 2012 14:34 (UTC +04:00)

Azerbaijan, Baku, April 4 / Trend A.Taghieva /

During the past few years, more than 56 per cent of Iraqi oil exports have fallen to the markets of East Asia, Iraqi Oil Minister Abdel Karim Laibi said in an interview with the Iraqi Al-Sumar newspaper. "Crude oil exports to East Asian markets yield more revenue," he said.

The minister said that Iraq's export policy is focused on oil supplies to countries that have refineries.

Another reason for the preference of the East Asian market for the export of Iraqi oil, according to the Minister, is that these markets are more stable, compared with the U.S. and Europe and this region constantly observes an increase in demand for oil.

In March 2012, oil exports from Iraq reached a record level of 2.5 million barrels per day.

The major oil fields of Iraq are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in south of the country. Some 80 per cent of oil produced in the country is exported.

According to BP, Iraq's proven oil reserves as of early 2011 amounted to 115 billion barrels. The country ranks in third after Saudi Arabia and Iran.