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Iraq oil exports rise for third month: ministry
by Staff Writers
Baghdad (AFP) Dec 01, 2013


Iraq's oil exports rose for a third successive month in November but remained below historic highs as the country looks for revenues to fund much-needed reconstruction, data released Sunday showed.

Average daily exports rose to 2.381 million barrels per day (bpd), from 2.25 million bpd the previous month and 2.07 million bpd in September, according to figures released by the oil ministry.

Crude sales brought in revenues of $7.32 billion, almost marking a third consecutive increase.

Despite the increase, average exports remained below the recent highs of 2.62 million bpd achieved as recently as April.

Most of Iraq's crude is exported via its southern terminals near the port city of Basra, but a significant portion goes through a northern pipeline to the Turkish port of Ceyhan.

Exports had been lower in recent months as a result of sabotage on the Ceyhan pipeline, as well as poor weather and maintenance being carried out on the southern terminals.

Iraq is heavily dependent on oil exports, and the government is seeking to dramatically ramp up its sales in the coming years to fund the reconstruction of its battered infrastructure.

Officials are aiming to increase production capacity to nine million bpd by 2017, a target that the International Monetary Fund and International Energy Agency have warned is over-optimistic.

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