Iraq’s oil exports increase 6.3% m/m to 80mn barrels in May 2014

By bne IntelliNews June 23, 2014

Iraqi oil exports’ growth accelerated to 6.3% m/m in May 2014 from 1.3% m/m a month earlier, totalling 80.04mn barrels despite the sabotage attacks on Ceyhan-Kirkuk pipeline, going on since March 2, the oil ministry reported citing preliminary data from state-owned Oil Marketing Company (SOMO). The latter is supposed to release May’s oil exports data on June 25.

The reading is good news for the markets but it is yet too early to build on that and we should wait for the June’s data given the ongoing security attacks launched earlier in June by al-Qaeda-linked Islamic State in Iraq and Greater Syria (ISIS).

Oil proceeds also rose to USD 8.07bn in May from USD 7.58bn the previous month. The average oil price per barrel retreated to USD 100.08 in May from USD 100.7 in April, Assim Jihad, the ministry’s spokesperson, was cited as saying.

Total exports for May from the southern ports reached 2.582 bpd, which is the highest reading since 2003, Jihad underscored.

 

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Xlinks warns cost of Morocco-UK Power Project could rise some 25% to reach $30bn

UK renewable energy producer Xlinks, noting significant upward pressure on the cost of all energy projects, has warned that construction of the Morocco-UK Power Project could reach $27bn to $30bn, up ... more

Morocco in talks with investors to build EV battery gigafactories, says minister

The Moroccan government is in extensive talks to attract more electric vehicle (EV) battery manufacturers to support its growing automotive sector and meet soaring demand, industry and trade minister ... more

UAE’s Masdar, Uzbekhydroenergo partner up to evaluate potential of national hydro power storage

United Arab Emirates renewable energy company Masdar has partnered with Uzbekhydroenergo to evaluate the potential of national hydroelectric power storage projects. Masdar and Uzbekhydroenergo, a ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    4 days ago
  2. Saudi Arabia to scale back plans for Neom city
    8 days ago
  3. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    4 days ago
  4. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  5. PANNIER: Caspian military drills that exclude Russia and Iran have some people in Moscow asking questions
    5 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    18 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    23 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    28 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    21 days ago

Reports

Dismiss