Iraq opens new oil export terminal in Persian Gulf

Iraq has opened the taps at a new oil export terminal in the Persian Gulf in a vital step to bringing sorely needed cash for reconstruction after decades of war and international sanctions.
Oil Ministry spokesman Assem Jihad says oil exports through southern Iraq -- which currently stand at about 1.7 mm bpd -- will be boosted by about 200,000 bpd beginning in March.

Jihad said the new Single Point Mooring (SPM) was inaugurated by Prime Minister Nouri al-Maliki during a ceremony in the oil-rich province of Basra.
Iraq's total daily oil exports averaged 2,145 mm barrels in December. The government relies on oil exports for 95 % of its revenue.