Iraq oil exports drop in March

28 April 2014

Iraq crude exports earned more than $7.5bn

Iraq’s crude oil exports dropped by more than 400,000 barrels a day (b/d) in March due to attacks on its north oil pipeline, after hitting record highs in February.

Total of 74.3 million barrels of crude were shipped from Iraq, at an average of just under 2.4 million b/d, according to the latest data released by the Oil Ministry.

Iraq earned a total of $7.51bn from the exports with crude oil prices averaging $101.04 a barrel for the month. So far, Iraq has earned $22.58bn from oil exports. In 2013, it received $89.2bn.

This is down from $8bn in February when Iraq hit its highest export level for more than three decades at 2.8 million b/d.

The reduction was attributed to the sabotage of the Iraq-Turkey pipeline, according to Oil Ministry spokesman, Asim Jihad.

Iraq has a target of reach 3.4 million b/d of exports by the end of 2014, including 400,000 b/d from the semi-autonomous Kurdistan region. Iraq could export as much as 3.2 million b/d if the pipeline runs at full capacity. The pipeline has been repeatedly attacked over the past few years.

However, no Kurdish crude has been exported through the pipeline for more than a year, due to a long-standing dispute between the federal and regional governments on a mechanism to share oil revenues.

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