Iraq to increase oil exports to 2 million barrels per day
An oil facility in Iraq. Photo: AFP
Baghdad (IraqiNews.com) – The Iraqi National Oil Marketing Company (SOMO) announced it achieved the highest oil revenue in history during the past month, and confirmed it is working to enhance export capabilities to reach two million barrels per day.
The director of Market Research and Strategic Planning in SOMO, Muhammad Saadoun, in a televised statement, said that Iraq achieved the highest oil revenue in terms of production and exports during the month of June.
Saadoun indicated that the revenues achieved during June are 11.35 billion USD, and this figure is considered a record in the history of Iraq.
Saadoun explained that the revenues generated are a result of the rising oil prices and an increase in export capabilities. He confirmed that the export rate for June by the federal government was 3.4 million barrels per day.
Saadoun indicated that the quantities exported from the Kurdistan Region are estimated at four hundred thousand barrels per day during the past month, and added that 97 percent of the oil exports was exported through the southern ports, and only three percent was exported from Ceyhan port.
Saadoun elaborated that there is a plan to increase export capabilities to reach two million barrels of oil per day, in addition to discussions with the Saudi side to have the oil pipeline with Saudi Arabia operating again with an export capacity of 1.2 million barrels per day.