Subscribe free to our newsletters via your
. 24/7 Space News .




ENERGY TECH
Iraq oil exports, revenues dip in 2013
by Staff Writers
Baghdad (AFP) Jan 22, 2014


Iraq's oil exports and revenues declined in 2013 compared to the previous year, official figures showed Wednesday, despite efforts to dramatically ramp up crude sales to fund much-needed reconstruction.

Exports totalled 872.3 million barrels, or 2.39 million bpd, last year compared with 2.42 million bpd in 2012, according to oil ministry figures.

Revenues dipped to $89.22 billion (66.08 billion euros) from $94.02 billion.

Iraq relies on oil exports for nearly all of its government revenue, and crude sales account for most of GDP.

The drop in exports was attributed to various periods of bad weather, sabotage against the main northern pipeline and maintenance work at the main export terminal in the south.

But the ministry has trumpeted investment in export and storage infrastructure, which it said would pay off soon.

Additionally, it says new fields are due to begin production, helping the country increase its output and exports in 2014.

Overall production averaged 3.07 million bpd in December, according to the International Energy Agency (IEA).

Officials aim to increase capacity from 3.2 million bpd now to nine million bpd by 2017, a target the International Monetary Fund and IEA have warned is overly optimistic.

Baghdad is seeking to dramatically ramp up exports to fund desperately needed reconstruction of Iraq's conflict-battered infrastructure and economy.

Oil ministry spokesman Assem Jihad told AFP that while exports and sales dropped in 2013, investment in pipeline and export infrastructure, as well as major storage facilities, would reap dividends in the coming year.

"All of these will increase the amount we export, and limit the effects of any stoppages," he said.

He also pointed to expected increases in production from the southern fields of Badra and West Qurna due later in the year.

For December, exports recovered from multi-month lows earlier in the year, but were still below their peak, according to oil ministry data.

Iraq exported 72.6 million barrels in December, an average of 2.34 million bpd, bringing in revenues of $7.47 billion.

The overall monthly figure was higher than in November, and also represented a marked increase on September, when exports averaged just 2.07 million bpd.

"The exports and income in December was an increase... even though there was bad weather and technical repairs in the southern ports," Jihad said in a statement.

Jihad said efforts to remove remnants of decades of war from the Shatt al-Arab waterway, through which Iraq ships the lion's share of its exports, had also held back sales.

.


Related Links
Powering The World in the 21st Century at Energy-Daily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








ENERGY TECH
Canadian foreign minister demands Keystone decision
Washington (AFP) Jan 16, 2014
Canadian Foreign Minister John Baird called Thursday for the United States to finally decide, one way or another, whether it will permit the construction of the Keystone XL oil pipeline. After years of delay to the pipeline, intended to carry heavy crude from Alberta's oil sands south to Texas refineries, Baird suggested Canada's patience was running thin with its southern neighbor, already ... read more


ENERGY TECH
China's lunar probe observes stars, explores moon

China's moon rover performs first lunar probe

Internet Radio Provides Musical Space-Weather Reports from NASA's LRO Mission

Moon rover, lander wake after lunar night

ENERGY TECH
A Decade in the Dust

An Engineer With His Sights on Mars

Lichen on Mars

Megafloods: What They Leave Behind

ENERGY TECH
Working Together to Build Tomorrow's STEM Workforce

US Congress Rejects White House Cuts to Planetary Exploration

Commercial Spaceflight Federation Applauds Passage of Bill Providing Funding for Commercial Programs

NASA Space Launch System Could Make 'Outside the Box' Science Missions Possible

ENERGY TECH
Official: China's space policy open to world

China launches communications satellite for Bolivia

China's moon rover continues lunar survey after photographing lander

China's Yutu "naps", awakens and explores

ENERGY TECH
Cygnus Work Under Way, Normal Station Operations Continue

Spaceflight, Nanoracks Partnership Launch CubeSat Customers Towards Historic ISS Deployment

Orbital's cargo ship arrives at space station

Obama Administration Extends ISS Until at Least 2024

ENERGY TECH
NASA's Commercial Crew Partners Aim to Capitalize, Expand on 2013 Successes in 2014

Ariane Flight VA217; Ariane Flight VA216 and Soyuz Flight VS07

2014 set to be a very productive year for collaboration between Arianespace and Italy

Vega Flight VV03 And Ariane Flight VA218

ENERGY TECH
First planet found around solar twin in star cluster

NASA's Kepler Provides Insights on Enigmatic Planets

Powerful Planet Finder Turns Its Eye to the Sky

New kind of planet or failed star? Astrophysicists discover category-defying celestial object

ENERGY TECH
Malaysians protest rare earth plant on Australia Day

Potential Future Data Storage at Domain Boundaries

Quantum physics could make secure, single-use computer memories possible

ISS delays planned orbit raise due to space junk threat




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement