At the beginning of 2018: Iraq achieves a record rise in its oil exports

At the beginning of 2018: Iraq achieves a record rise in its oil exports

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The Iraqi Oil Ministry records a series of global achievements with the highest rate of exports of crude oil, up to three million and 535 thousand barrels per day.
The achievement of this success is due to the directives of Prime Minister Haider al-Abadi and his direct supervision of the implementation of development plans to promote economic reality and stability.
Oil Minister Jabbar al-Luaibi praised the support of the Prime Minister Abadi for the efforts of oil workers who continue to work day and night to invest the best of national wealth and maintain and increase production and work to maximize the revenues generated by them, pledging the national government and the Iraqi people to move forward to achieve other achievements during the new year .

The Ministry of Oil announced the high rate of exports and revenues achieved for the month of December 2017 compared to the month of November last year for the same year, according to preliminary statistics from the Iraqi oil marketing company “Sumo”, which is one of the important oil companies in Iraq and the export of crude oil throughout the Arab world and the Middle East and the world.

The spokesman for the Ministry of Oil Assem Jihad announced that the total exported quantities of crude oil for the last month of December, according to the statistics (Sumo) amounted to 109 million and 573 thousand and 817 barrels, except for the exports of Kirkuk fields, which have not recorded exports.
Jihad added that the revenues generated by these exports amounted to six billion and 496 million and 204 thousand dollars, the average price per barrel 59,286 dollars.
Jihad said that the daily rate of crude oil exports achieved a record increase compared with the month of November of last year 2017, amounting to three million and 535 thousand barrels.

Oil Minister Jabbar al-Luaibi sent a telegram at the beginning of 2018 to Prime Minister Haider al-Abadi, paying tribute to the efforts exerted to build a great Iraq and a bright future for his sons, which came as a result of Abadi’s support, care and follow-up.

Al-ALuibi , the independent oil expert who has achieved since his assumption of the reins of the Ministry of Oil many achievements and redouble efforts to serve Iraq and its people, said that the investment capacity of gas facilities in the southern region (Basrah) reached 900 MMSCF / day of raw gas on January 1, 2018 for the first time in the history of the ministry and an increase of 80% from what was achieved during the beginning of January 2017.
Al-Luaibi added an average of 230 MMSCF of crude gas has been invested for the rest of the southern gas fields and Missan oil stressing that this great achievement will enhance the country’s capabilities in exporting liquid gas and natural gas. It will increase sustainable development and increase investor confidence in petrochemical projects and fertilizers due to the abundance of raw material for these industries which is refined gas.
He pointed out that the rate of exports from the southern ports reached for the first time in the history of Iraq to 3,535,000 million barrels per day during the month of December 2017 with an export volume of 110 million barrels / December.
Al-Luaibi stressed that the Ministry of Oil is continuing its achievements in all directions and sectors towards enhancing the economic and developmental reality of the country.
Iraq, which relies on its annual financial revenues on the export of oil by 97%, seeks through a package of legal legislation, to activate the industrial, agricultural and commercial aspects to ensure the provision of additional non-oil financial income.

Shatha Khalil
Economic unity
Rawabet Center for Research and Strategic Studies