Iraq’s oil exports up and down

Jan 30, 2003 01:00 AM

Iraq's oil exports declined on 25 % to 11.34 mm barrel, after rising to 15.1 mm barrel under the United Nations' oil-for-aid program. Year-on-year figures, however, suggest that Iraqi exports for the first 4 weeks of January are running slightly higher than for the comparable weeks of January 2002, while earnings are nearly double.
During this month, there have been 33 loadings totalling 46.26 mm barrel as opposed to 27 loadings totalling 43.3 mm barrel in January last year. On average, the Iraqis are loading 1.4 mm barrel/shipment this month, compared with 1.6 mm barrel/shipment in January 2002.

Owing to the rise in oil prices, however, Iraq's earning of $ 1.291 bn for this January is nearly twice the $ 709 mm brought in during the same period in 2002. According to UN officials there was "no particular reason" for the fall-off during Jan. 18-24, but reports emerged that water contamination in the pipeline that pumps Iraqi oil to the Turkish port of Ceyhan would delay oil tanker loadings.
As a result, oil flow was reduced during Jan. 18-19 while port officials attempted to drain water from the system, oil buyers said. UN officials said that Iraq exported an average 1.6 mm bpd during Jan. 18-24, down 500,000 bpd from an average of 2.1 mm bpd during the week ended Jan. 17.

UN officials approved 9 new oil sales contracts for the week, bringing the current total to 111, covering 273 mm barrel of oil. The UN did not specify the volumes of the contracts.
Phase 13 of the UN's oil-for-aid program extends from Dec. 5, 2002, through June 3, 2003. The UN said estimated revenue generated from the beginning of this most recent phase stands at $ 2.2 bn.

Source: Neftegaz.RU
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