Iraq's oil exports in December fell due to bad weather and a dispute with the Kurdish region, but the country still saw sharply higher income last year compared with 2011, new figures showed Monday.
Iraq's oil exports in December fell due to bad weather and a dispute
with the Kurdish region, but the country still saw sharply higher income last
year compared with 2011, new figures showed Monday.
Sales of crude and revenues from oil exports last month were both the lowest
figures since June, a statement from
Iraq
's oil
ministry said, with average daily exports of 2.35 million barrels per day, or
bpd. The average price per barrel was $103.72, according to the ministry.
The statement showed that
Iraq
nevertheless brought in $94.03 billion in oil revenues over the course of 2012,
a 13% increase compared with the previous year, largely on the back of
ever-increasing exports.
Crude exports account for the majority of government income, and
Baghdad
is
looking to dramatically increase both production and sales in the coming years,
bringing in much-needed cash to rebuild its conflict-battered economy.
"It was because of bad weather, which affected the level of exports, and
also because of the cut in oil exports from
Kurdistan
,"
said ministry spokesman Assem Jihad, explaining the December decline.
He was referring to a decision by the northern Kurdish region to cut oil
exports from over 100,000 bpd in recent months to fewer than 5,000 bpd--because
of a payments row with
Baghdad
.
Baghdad
and Arbil are at odds over
issues including
Kurdistan
's refusal to seek approval
from the central government for oil contracts it has awarded to foreign firms,
and over a swathe of disputed territory in northern
Iraq
.
The central government says all oil deals must go through the national oil
ministry and considers any that don't as illegal.
The country has proven reserves of 143.1 billion barrels of oil and 3.2
trillion cubic meters (111.9 trillion cubic feet) of gas, both of which are
among the largest in the world.
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