With oil as the main source of income for the Iraqi Economy, hearing news on how well their most valuable product is performing on the world market is always interesting for locals. That being said, this Middle Eastern country's oil exports reached 2.6 million barrels per day (mbd) last September, effectively raking in $8.4 billion.
According to Iraqi Dinar news reports, the revenue earned just the other month is the highest they've ever gotten in three decades. Moreover, exportation of oil during August was quite impressive as well, although slightly lower: 2.564 mbd were sold, which equated to $8.445 billion, wherein each barrel was sold at an average price of $107.
Since Iraq has one of the biggest reserves in the world, which adds up to a total of 3.2 trillion cubic meters of gas and 143.1 billion barrels of oil, it's not surprising that they're always working on ways to significantly increase their export rate (in line with future demand, local logistics, man power, etc.)
The Iraqi Government recently announced that it plans on growing their oil exports to 2.9 mbd sometime within 2013, and their oil production from 3 million mbd, to 3.4 mbd by the end of 2012.
In order to achieve this goal, new projects are being planned with the help of foreign investors. The Kurdistan Regional Government (KRG) announced plans on building a new pipeline from Iraq's northern border going all the way to Turkey.
Ashti Hawrami, KRG natural resources minister, says that construction has already been planned for creating short spur lines from oil producing fields. Also, ample funding is currently set aside for building a main line that'll carry the crude oil from the fields going to the proposed pipeline at the border.
When asked whet her revenues from the new pipeline will be exclusive for Kurdistan, Hawrami insisted that profits will go to the whole of Iraq, and not just to their region. "Any such pipeline will be an Iraqi pipeline. It will be for the benefit of all nations, all the Iraqi people and all the Turkish people," said the minister in a statement to the media.
Dinar news reports say that Baghdad has a number of projects going on as well, which includes an agreement with Amman wherein Iraq will increase its oil exports going to Jordan from 10,000 bpd to 15,000 bpd.
Mike Moore is published on more than 300 websites. He writes on various topics including from dinari, currency, currency exchangecurrency exchange and buying dinari'. He is published at www.dinarinc.com