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Iraq oil exports, revenues dip

Gulan Media January 30, 2014 News
Iraq oil exports, revenues dip
Iraq’s oil exports and revenues declined in 2013 compared to the previous year, official figures showed on Wednesday, despite efforts to dramatically ramp up crude sales to fund much-needed reconstruction.

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

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

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.

Hawar Abdulrazaq
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