Iraq oil exports reach record highs

19 March 2014

Iraq now exporting more than 2.8 million barrels a day

Iraq’s crude oil exports rose to record highs in February, reaching a total of 78.4 million tonnes for the month, or approximately 2.8 million barrels a day (b/d). In 2013, Iraq’s exports averaged 2.39 million b/d.

Total exports rose by 13.5 per cent over shipments in January, as Iraq completed major expansion work at the Basra Oil Terminal in the Gulf.

A new central metering and manifold system has now been installed by Italy’s Saipem, allowing Iraq to load cargoes simultaneously from its two completed 900,000 b/d offshore single-point-moorings (SPMs). Previously, ships had to alternate on the SPMs.

This allowed more than 2.5 million b/d to be shipped from Iraq’s southern oil export terminals into the Gulf, earning $7.159bn, according to the latest statistics released by the Oil Ministry.

Another 293,000 b/d of crude passed through the Iraq-Turkey pipeline to Ceyhan on the Mediterranean, up from only 190,000 b/d in January.

With oil prices averaging $102.054 a barrel for the month, the exports brought in just over $8bn in revenues. Iraq earned a total of $89.2bn from oil exports in 2013, and more than $94bn in 2012.

Crude oil producers’ group Opec estimates Iraq’s average oil production in February was 3.397 million b/d, the second highest among its 12 members, after Saudi Arabia with 9.6 million b/d.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications