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Iraqi News Iraq's February oil exports at highest level since 1990


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AFP - [3/3/2010]

Iraq's oil exports reached their highest level in February since Saddam Hussein's invasion of Kuwait in two decades, oil ministry spokesman Assem Jihad told AFP on Tuesday.

"Oil exports for February reached 2.069 million barrels (per day) and this is the highest export level since 1990," Jihad said.

"This is a step towards the ministry's goal of exporting 2.15 million barrels per day this year."

Jihad said he could not yet say how much revenue had been generated from oil exports in February.

Tight UN sanctions were imposed on Iraq after its troops invaded oil-rich Kuwait in August 1990. They were driven out seven months later by a US-led military coalition.

Iraq currently produces a total of about 2.4 million barrels of oil per day (bpd), including for domestic use, and its oil earnings account for 85 percent of state revenues.

The country has the world's third largest proven oil reserves, behind only Saudi Arabia and Iran, with an estimated 115 billion barrels.

Since November, it has signed contracts with foreign firms to develop 10 oil fields around the country, with the aim of raising its output to between 10 and 12 million bpd.

That level of output would provide much-needed revenue for a country in dire need of post-war and post-sanctions reconstruction, rivaling Saudi Arabia and Russia as the world's top oil producers.

But security and dilapidated infrastructure remain key obstacles to post-Saddam Iraq following the 2003 US-led invasion achieving its target output.

http://www.iraqdirectory.com/DisplayNews.aspx?id=11839

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