Iraq oil exports earn $4.5bn in October

23 November 2010

Iraq budget for 2011 based on $73 a barrel average oil prices

Iraq’s crude oil exports averaged 1.89 million barrels a day (b/d) in October, down 6.4 per cent on the country’s exports in September.

A total of 58.7 million barrels were exported, down 3.1 per cent on September and earning $4.53bn in revenues with oil prices for the month up to $77.1 a barrel. In September, exports totalled 60.6 million barrels, but prices averaged $73 a barrel.

Total oil revenues in 2010 now stand at $42.4bn.

Basra crude, exported via the oil terminals at Basra and Khor Alamya in the Gulf, accounts for 77 per cent of total exports at 46.2 million barrels.

About 12.5 million barrels were exported from the northern Kirkuk region via pipeline to the Turkish Ceyhan port on the Mediterranean, a drop of 18 per cent on September exports.

The Iraqi government has proposed a 2011 budget based on average exports of 2.3 million b/d and oil prices of $73 a barrel, according to Oil Ministry spokesman, Assim Jihad. This will include 150,000 b/d from the semi-autonomous Kurdish region.

Exports from the region were halted in October 2009, following disputes between Baghdad and the Kurdistan Regional Government over contracts signed with international oil companies to explore and develop fields in the Kurdish region (MEED 3:9:10).

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