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.


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