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Kurdish Autonomy of Iraq to increase oil exports

Oil&Gas Materials 19 September 2012 12:26 (UTC +04:00)

Azerbaijan, Baku, Sept.19/ Trend, A.Taghiyeva /

The Kurdish Autonomy of Iraq plans to increase oil exports of up to 250,000 barrels per day next year, the 'Al-Quds Al-Arabi' newspaper quotes the autonomy's Energy Minister Ashti Hawrami as saying on Wednesday.

This decision was taken after signing an agreement with the central government about payment of money that Baghdad borrowed during previous years to the autonomy's authorities.

In April 2012 the Kurdish autonomy suspended oil supplies to the central government due to non-payment of debt for exports by Baghdad. However in August the supplies were resumed. Today the Kurdish autonomy exports 140,000 barrels of oil 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 Kurdish administration in northern Iraq has oil reserves of 45 billion barrels.

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