Iraq is preparing to export 2.9 million barrels per day (bpd) of oil in 2013. The country hopes to augment the production upto 3.4 million bpd by the end of this year, which is said by a high-ranking official Tuesday.
Thamir Ghadhban, Prime Minister Nuri al-Maliki's main advisor said that next year the export target of oil is 2.9 million bpd.
He added that the production has already crossed three million bpd and they are hoping to reach 3.4 million bpd by the end of the year. This statement was given by him in the third Iraq Mega Projects conference held in Dubai.
When he was asked about the reintegration of Iraq into the system of the Organization of Petroleum Exporting Countries' production quotas, Ghadhban has made it clear that they are not in a hurry. He also included that actually this was the subject to an agreement within OPEC.
Baghdad had an old position on the sidelines of OPEC because of the conflicts and permits during the rule of Saddam Hussein and the violent consequences of his removal from power, which particularly appear as Iraq's removal from the cartel's national production quota system.
However Ghadhban, who is a candidate for the position of OPEC's next secretary general, prefer to remain silent on the topic of his selection for this post.
Oil ministry spokesman Assem Jihad said on Monday that oil exports were elevated to some extent in September at about 2.6 million bpd than 2.565 million bpd the previous month.
Revenues from September exports were $8.4 billion at an average price of $107 per barrel, Jihad said. Iraq earned $8.442 billion in August.
Iraq has proven the storage of of 143.1 billion barrels of oil and 3.2 trillion cubic metres (111.9 trillion cubic feet) of gas and both of these are among the largest in the world.
Baghdad is looking to radical rise both in production and sales in the coming years, which will bring the much-needed cash to rebuild its complicated and unsecure economy.
Source [AFP]