Iraq reports record oil exports from Gulf

Mercury news ^ | 4 Dec 03 | staff

[Arkie2]

VIENNA, Austria - Despite setbacks in rebuilding its shattered oil industry, Iraq boosted oil production to 2.1 million barrels a day last month and exported record volumes of crude from its terminal in the Gulf, Iraq's delegation to OPEC said Thursday.

Iraq's output and exports have both grown at rates "exceeding earlier expectations," the Iraqi Oil Ministry said in a communique issued after a meeting of the Organization of Petroleum Exporting Countries at OPEC's Vienna headquarters.

OPEC member Iraq hopes to maintain this momentum and increase its daily production to an average of 2.3 million barrels in December and 2.8 million barrels by next April. By comparison, Iraq pumped about 2.5 million barrels a day on the eve of the U.S.-led invasion that toppled Saddam Hussein.

Iraq shipped 1.5 million barrels a day from its Basrah Terminal last month, more than at any time since the terminal opened in the late 1980s, the communique said. Although Iraq exported some 2.1 million barrels a day before the war, that amount included crude from the country's northern oil fields, which are currently shut off from a strategic export pipeline to Turkey due to repeated sabotage.

Iraq aims to increase its exports to 1.7 million barrels a day by the end of this year and 2 million barrels a day by April. The Basrah Terminal - known formerly as Mina el-Bakr - was captured early in the war in good condition. However, it has a maximum export capacity of about 1.5 million barrels a day, and it was not immediately clear how the Iraqis expected to ship any additional crude beyond that.

One option under consideration is an oil swap with neighboring Iran, in which Iraq would transfer some of its crude overland to Iran, which would then export the oil from an Iranian port. In exchange, Iraq would receive refined Iranian oil products of comparable value. Such an arrangement might require construction of a small, 6-mile pipeline from southern Iraq to Iran, said George Beranek, an analyst with PFC Energy, a Washington consultancy.

Another option would be for Iraq to rebuild and expand its second Gulf terminal, Khor al-Amaya, which was destroyed during the Gulf War of 1991 and has only been partially repaired. Mohammed Al-Waely, operations manager of Iraq's state-run South Oil Co., has described the facility as "a jungle of pipes and burnt buildings in miserable condition." Although Khor al-Amaya hasn't been used since Saddam's ouster, the ocean is often calmer there than at the Basrah Terminal, making it easier for tankers to load oil.

In a pinch, Iraq could also export oil by truck to neighboring countries, Beranek said.

Iraq's Oil Ministry said it has forged good relations with Saudi Arabia, Qatar, Kuwait and Iran and hopes to interest them in the joint development, investment and training it needs to further develop its oil resources. In addition, it has made a priority of developing its oil fields and is discussing "common acceptable grounds" with international oil companies, the communique said.

The ministry said it plans to hold an oil conference in Baghdad in February to help stimulate the interest of international firms.

Iraq's Oil Ministry recently called off a similar conference planned for December due to concerns about the security of potential visitors. However, the communique claimed that the security situation in Iraq has improved "significantly" since then.

[Arkie2]

Bet this news doesn't make the newscasts.

[Batrachian]

They should build a pipeline through Jordan and Israel to the Mediterranean Sea, as well as off-shore oil ports in the Persian Gulf. There are many possibilites here in the long term, now that Iraq isn't in a constant state of war. At least now they can move forward, which is something liberals refuse to admit. Now they have a chance.

[dwilli]

60 million dollars a day. Wonder where the deposits are made?

[Arkie2]

I think Bremers folks are in charge of the funds from the oil exports. If that's so, it's being put to use in reconstruction.

[muleskinner]

Quagmire!

[Arkie2]

I think I remember reading recently that Iraq had resumed some exports to Jordan.

[dwilli]

Right.....

[Yo-Yo]

Iraq's output and exports have both grown at rates "exceeding earlier expectations," the Iraqi Oil Ministry said in a communique issued after a meeting of the Organization of Petroleum Exporting Countries at OPEC's Vienna headquarters.

Damn that Halliburton and their no-bid contracts! </sarcasm>

[Arkie2]

I presume you have proof to the contrary?

[FairOpinion]

Iraq good news PING


"VIENNA, Austria - Despite setbacks in rebuilding its shattered oil industry, Iraq boosted oil production to 2.1 million barrels a day last month and exported record volumes of crude from its terminal in the Gulf, Iraq's delegation to OPEC said Thursday."

[FairOpinion]

"Bet this news doesn't make the newscasts. "

===

Precisely.

But good news slowly will filter out anyway, despite the attempt of the mainstream media to bury it.

[dwilli]

Oh the record of the major government contractors is pretty
much common knowlege. GE, Boeing, M-Douglas, Rand labs, Halliburton, Bechtel and dozens more have all gotten caught
stealing over the last 40 years.

Pay a fine and wait for the next chance to do the same thing.

There will be a scandal over the oil revenues from Iraq.
It's only a matter of time.

[Arkie2]

Just as I thought. You're just making vague and baseless statements. Guilt by insinuation.

[VOA]

Damn that Halliburton and their no-bid contracts!

Of course, all the drivers of Mercedes, Bentleys, Hummers and other luxury autos
here in California will be throwing a "Luv Dubya" party at the news that the sour
crude of Iraq is once again flowing in full force.(/sarcasm).

It even slipped into the LA Times business section that Iraq sour crude was the optimal
feed-source for many California refineries...and we were buying and using Iraqi crude
almost up to the day we rolled into Iraq.
So much for that "blood for oil" B.S. We could have just kept buying oil
from a murdering b@$stard (in the French style) without paying to liberate a whole country.

[RandallFlagg]

And Daschle.. Well.....

[dwilli]

You're saying all those companies have not paid fraud or breach of contract fines over the last forty years?

[Ragtime Cowgirl]

Ty. (^:
~~~~~~~~~~

Despite setbacks in rebuilding its shattered oil industry, Iraq boosted oil production to 2.1 million barrels a day last month and exported record volumes of crude from its terminal in the Gulf, Iraq's delegation to OPEC said Thursday.

Iraq's output and exports have both grown at rates "exceeding earlier expectations," the Iraqi Oil Ministry said...

~~~~~~~~~~~~~~~~
Ping~*

[Alamo-Girl]

Bump!

[MJY1288]

Great news, I'll ping you to another good news thread that could use your pinging attention :-)

[Southack]

fyi