Iraq oil exports to resume 'within three weeks'

Ananova ^ | 05/25/03

[Pokey78]

The acting oil minister of post-war Iraq predicts that crude production will double within a month and oil exports could resume "within three weeks".

Thamer al-Ghadhban said Iraq was currently producing 700,000 barrels of oil a day and working hard under US occupation to increase that number as quickly as possible.

"It is a matter of a few weeks, and we can reach 1.3 or 1.5 million barrels a day," al-Ghadhban said at a coalition-sponsored news conference in the capital.

Pre-war production under Saddam Hussein was about 3 million barrels daily.

Iraq is being watched closely by the world's financial markets to see when its exports would resume, and al-Ghadhban said it would not be long.

"Within three weeks we will be exporting," he said, adding an even more optimistic goal: "We hope in two weeks time we will be in the market."

Oil production is considered pivotal to the rebuilding of post-war Iraq, and the United States wants to use oil profits to fund the country's reconstruction.

The lifting of UN sanctions on Thursday paved the way for Iraqi oil sales overseas for the first time since the US-led invasion began on March 20.

During the last seven years of Saddam's regime, UN sanctions permitted Iraq to sell unlimited amounts of its oil as long as the profits were used to buy food and medicine for its citizens.

However, many accused Saddam of diverting the money to suit his own causes and of selling oil on the black market.

[templar]

This is good. Hopefully Iraq will produce and export to the max, driving oil prices through the floor. This will do the economy here (everywhere actually) more good than any tax cuts if we play our cards right; Play them in our own favor instead of someone elses.

[AmericaUnited]

1.5 million barrels a day

That's roughly 1.1 billion dollars a month.

[jocko12]

I HOPE OPEC INVITES BRITAN AND U.S.A. TO THE NEXT MEETING OF PRODUCERS!!!!

[ckilmer]

when the US pushes Iraqi oil production above 3 mil barrels a day there will pressure on oil prices. cheap oil priced in cheap dollars will be pure oxygen to the world wide economy. there will be a boom and the USA will export away the trade deficit.

that looks to be the plan anyway. whether things will go accordingly is another matter.

[friendly]

The drastically reduced oil prices will cause a boom in the USA... right before election day!!!!

Roadrunner "Moron" Bush wins again and again.

Wile E. Coyote arrogant democrats look to be big time losers for the umpteenth time.