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.

 

Related Articles

EBRD prepares to welcome Lebanon into fold

The EBRD is set to welcome its 66th member country and the fifth from the southern and eastern Mediterranean (SEMED) region once the Lebanese government finalises the last steps of the joining ... more

Russia and Saudi Arabia to launch joint projects worth $3bn in 2017

Russia and Saudi Arabia will launch joint projects worth $3bn by the end of 2017, the speaker of Russia’s Federation Council Valentina Matviyenko said at talks with members of the Russian-Saudi ... more

Egypt’s President El Sisi to announce state of emergency after church bombings

Egypt’s President Abdel-Fattah El Sisi announced in a televised speech his intention to impose a nationwide state of emergency for three months following two deadly bomb attacks on Christian ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Dismiss