Iraq exports 2.4 million bpd of crude oil – oil minister

BAGHDAD / IraqiNews.com: Iraq is currently exporting 2.4 million barrels per day (bpd) of crude oil in average, the highest since 2003, the Iraqi Oil Minister Hussein al-Shahrestani said on Wednesday. The minister said that the ministry plans to reach four million bpd. The Oil Ministry’s official spokesperson, Assim Jihad, recently said that Iraq’s exports of crude oil had been increased by 85 thousands barrels in May compared to April 2009. Earlier, a media source from the Oil Ministry said that al-Shahrestani and the Iraqi government’s official spokesperson, Ali al-Dabagh, will have an “important” press conference on Wednesday noon, to explain several issues, including the increase in the crude oil production and Kurdistan oil investment contracts. “Kurdistan oil contracts are controlled by the Iraqi law,” al-Shahrestani said during the press conference. “The Iraqi government will receive the revenues of these contracts like any other oil contract in any other place in Iraq,” he said. “Oil firms that will work in Kurdistan will pay 35 percent of their profits to Iraq,” he added. On June 1, 2009, President of Iraq, Jalal Talabani, and President of the Iraqi Kurdistan, Massoud Barzani, started oil export from the region in a symbolic celebration in Arbil city. The federal and regional presidents opened the export valve together in a step that ended a period of differences with the federal cabinet in Baghdad regarding the region’s right to export oil. The oil is being exported from the Taq Taq field in the province of Arbil. MH (S)/SH 1