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Iraqi Oil Minister: Expect Oil Exports to Rise 17% to 3.4M B/D in 2014

Iraqi Oil Minister Abdul Kareem al-Luaibi said Tuesday that he expects the country's crude-oil exports to rise 17% to 3.4 million barrels a day next year from an expected 2.9 million barrels a day this year to meet rising demand.
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Τρι, 30 Απριλίου 2013 - 17:40
Iraqi Oil Minister Abdul Kareem al-Luaibi said Tuesday that he expects the country's crude-oil exports to rise 17% to 3.4 million barrels a day next year from an expected 2.9 million barrels a day this year to meet rising demand.

The country has produced 3.1 million barrels a day on average this month and exported 2.6 million barrels a day, Mr. Al-Luaibi told reporters in Seoul . He added that the volumes will increase over the coming months.

Mr. Al-Luaibi was in Seoul to discuss energy cooperation with South Korean Minister of Trade, Industry and Energy Yoon Sang-jick.

The Iraqi oil minister said the country will have no problem meeting its 2013 export target, as Royal Dutch Shell PLC (RDSA) is set to resume operations at the Majnoon oil field next month as scheduled, with initial production of 100,000 barrels a day. Output from the field will rise to 175,000 barrels soon, he said.

Mr. Al-Luaibi said Iraq 's total crude-oil output for this year and next will be an additional 750,000 barrels a day above its export targets to account for local consumption.

He also said the country is seeking ways to improve relations with South Korea by extending the period of long-term oil supply contracts and through joint oil storage projects.

Currently, oil supply contracts are limited to a maximum one-year period, but Mr. Al-Luaibi said he is "open to extending that period to more than one year," depending on the availability of crude and customer needs.

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