Total exports down 3 per cent
Iraq’s average daily crude oil exports rose by 7.4 per cent in February to 2.07 million barrels a day (b/d).
Total exports dropped to 57.9 million barrels in February, down 3 per cent from the 59.7 million barrels exported in January, according to figures released by the country’s oil ministry. Crude export revenues fell 4 per cent to $4.23bn in February from $4.42bn in January.
The decrease is due to the lower number of days in the month.
Iraq exports its crude oil through the Basrah Oil Terminal, Khor Alamya Oil Terminal in the Gulf, the Kirkuk to Ceyhan pipeline terminal in Turkey and by trucks to Jordan.
Some 45.2 million barrels of Basrah crude were exported to the Gulf in February along with 12.7 million barrels of Kirkuk crude.
Iraq’s oil reserves were estimated at 115 billion barrels in 2008, with total production at 2.4 million b/d. Domestic consumption totals an estimated 600,000 b/d.
Oil and gas made up approximately 88 per cent of total government revenues in 2009, according to the Washington-headquartered International Monetary Fund. Similarly, 94 per cent of the country’s energy needs are met by oil.