Oil Exports Hit 25-yr High

By John Lee.

Iraq produced oil at a rate of 3.5 million bpd in February, and exported at a rate of 2.8 million bpd, a sharp month-on-month gain and the highest such figure in at least a quarter-century, reports AFP.

The deputy prime minister for energy affairs, Hussain Al Shahristani (pictured), said February output would have been significantly higher if not for energy disputes with the Kurdistan region.

We think the average for the year is probably going to be about 2.9 million bpd, so maybe in the latter part of the year there will be a little bit more than that,” a Western oil executive in Iraq told Reuters.

Most of Iraq’s crude is exported via its southern terminals near Basra, but a significant portion goes through a northern pipeline that is periodically bombed by militants.