Iraq increases oil exoprt

Oil&Gas Materials 2 August 2012 13:33

Azerbaijan, Baku, Aug. 2 /Trend A.Taghiyeva/

Iraq increased oil exports to 2.516 million barrels per day in July 2012 compared to 2.403 million barrels per day in June, Iraq's State Oil Company (Somooil) said on Thursday.

Iraq exported total of 77.9 million barrels of oil in July compared to 72 million barrels of oil in June. At the same time the country's income from exports totaled $ 7.5 billion compared to $6.8 billion in June. The average oil price in July was $96.5 per barrel compared to $99 in June.

The share of the city of Basra accounts for 2.2 million barrels per day of the total exports, while the share of the city of Kirkuk - 294,000 barrels per day.

According to BP, Iraq's proven oil reserves amounted to 143.1 billion barrels as of late 2011. The country ranks third in OPEC after Saudi Arabia and Iran.

According to BP, oil production in Iraq amounted to 2.798 million barrels per day in late 2011.
The major oil fields of Iraq are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in the south of the country. About 80 per cent of oil extracted in Iraq, is exported.