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Iraq oil exports hit 30-year high

Gulf state exported over 2.5 million barrels-a-day in August

Iraq’s oil exports have hit a 30-year high as the Gulf state continues to ramp up its hydrocarbon production.

Exports rose to 2.565 million barrels-a-day (b/d) in August and the average oil price was $106 per barrel. This means revenues for August were $8.442bn.

Iraq is still using about 700,000 b/d for domestic use, which means it is producing about 3.2 million b/d.

Revenues from crude oil exports hit $8.5bn in March, its highest level since the toppling of Saddam Hussain.

By Kevin Baxter, 5 September 2012

http://www.meed.com