Posted on 01/04/2015 6:17:00 AM PST by thackney
Iraq's oil exports reached their highest level in decades in December, the oil ministry's spokesman said on Saturday, but vital revenues were being hit by the plummeting prices of crude.
Iraq exported 91.141 million barrels of oil in December for an average of 2.94 million barrels per day, the highest daily average since 1980, Assem Jihad told AFP, citing initial figures.
December exports were far and away the highest in 2014, eclipsing the previous best month by more than 11 million barrels, according to ministry figures.
But revenues were $5.247 billion, only up slightly on November and much lower than the early months of 2014 because of sharply declining oil prices.
Jihad said prices averaged $57 a barrel in December, down from $100 or more during the first half of the year.
The average December price was even lower than the $60 per barrel used to calculate Iraq's 2015 budget...
(Excerpt) Read more at businessinsider.com ...
Low energy prices are good for other-than-energy-producing industries.
How can that not be true?
That depends if your industry was selling, pumps, pipes, switchgear, etc to the oil industry.
So, we can assume that the check is in the mail for Iraq to repay the USA for Gulf War 2, like GW Bush promised they would.
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Iraq is selling oil? I thought Haliburton had stolen it all.
Is this the total oil sold from geographic Iraq?
Including Kurds? ISIS?
Any guess as to the total cost of production/barrel?
Somebody had to do some serious repair the last few years.
Does Iraq have a cadre of of native oil field managers?
Or do they now depend on imported supervision?
Very interesting. Thanks for posting.
Bush’s fault
It's good for any entity that consumes it, but some egghead will start spewing economic sophistry to 'prove' that it isn't.
On the other hand, it can be a problem for cartels (guess who) and for marginal operators in the supply chain (i.e. in America).
If an entity is sitting on a pool of oil, it can screw with the the supply and play "beggar thy neighbor" with its currency at the same time if it has an interest in geopolitical instability. That would, of course, be Russia.
Look for pictures of Dick Cheney driving a tanker truck to surface.
Good deal. Drive down energy prices. That has a severe impact on Putinstan and Iran.
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