Iraq's oil exports will be at the "normal level" of 2.5 million barrels a day in October, now work conducted to increase the country's export capacity in September is finished, Iraq's Deputy Prime Minister Hussein al Shahristani, said Wednesday.
Iraq
's oil
exports will be at the "normal level" of 2.5 million barrels a day in
October, now work conducted to increase the country's export capacity in
September is finished,
Iraq
's
Deputy Prime Minister Hussein al Shahristani, said Wednesday.
Iraq
's total
oil production tumbled by 370,000 barrels a day in August to 2.8 million
barrels a day, according to data published by the Organization of Petroleum
Exporting Countries.
In early October, a person familiar with the matter told the Wall Street Journal
Iraq exported just 2.070 million barrels a day in September, down from 2.579
million barrels a day in August.
"Last month our exports were impacted by the work that was done on the
export system. That worked is finished," said Mr. Shahristani, speaking on
the sidelines of the World Energy Congress in Daegu, about 300 kilometers
southeast of South Korea's capital.
Iraq
now
has three operational floating export terminals with a loading capacity of
900,000 barrels a day each, Mr. Shahristani said, adding that a fourth is
expected to become operational in the first quarter of 2014.
The four terminals will have an export capacity of 3.6 million barrels a day
and a fifth will be built to act as a standby if any of the terminals are out
of operation.
Iraq
has
ambitious plans to increase its oil production, but is limited by insufficient
export infrastructure.
Mr. Shahristani said that as soon as the floating export terminals are
operational, the country will shift its attention to upgrading its fixed terminals
to build export capacity from the south to 7 million barrels a day.
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