Iraq’s oil exports rise 5.1% m/m in April 2013

By bne IntelliNews May 25, 2013

Iraq sold 78.7mn barrels of crude oil in April 2013, marking a 5.1% m/m increase, the state oil marketing company, Somo, said. But oil proceeds edged down 0.3% m/m to USD 7.764bn amid falling crude oil prices. The average price per barrel of crude retreated to USD 98.7 in April from USD 103.77 the month before, Somo noted.

Exports from the southern Basra oil fields and ports rose to 69.5mn barrels in April from 65.1mn barrels the month before. Sales from the Kirkuk oil fields in northern Iraq, however, declined to 9.2mn barrels from 9.8mn barrels in March.

The 2013 budget bill holds for an 18% y/y increase in spending to USD 118bn. The average oil price was set at USD 90 a barrel, up from USD 85 in 2012, and oil output was forecast at 2.9mn bpd, up 11% from 2.625mn in 2012.

The developing oil sector will continue to underpin Iraq’s medium-term macroeconomic outlook but risks remain high amid weak policy implementation and a worsening domestic situation among others, the IMF said in its latest Article IV statement. Iraq’s GDP growth will likely quicken to 9.0% in 2013 from 8.4% the year before, the IMF forecast. Iraq’s oil production will gradually increase by 400,000-500,000 bpd a year to reach 5.7mn bpd by 2018, the IMF said.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Trump warns US pullout from "horrible" Iran nuclear deal might still be ahead

US President Donald Trump on October 16 warned that the termination of the Iran nuclear deal is still a clear possibility even though he ... more

Pentagon chief suggests staying in Iran nuclear deal is in US interests

US Defence Secretary Jim Mattis on October 3 told the Senate Armed Services Committee that it currently appears to be in the strategic interest of Washington to remain in the Iran nuclear deal. ... more

Iran will in six years accept stricter nuclear inspections if US behaves, says foreign minister

Iran’s foreign minister has said the country is willing to formally accept a tougher nuclear inspection regime in six years. However, Mohammad Javad Zarif continued to rule out any renegotiation of ... more

Most Read

  1. KRUK REPORT: Is Ukraine changing its Donbas policies?
    7 days ago
  2. Poland rises, Croatia surprises on CEE Fast 50
    3 days ago
  3. MOSCOW BLOG: Russia’s import substitution has not been a great success
    10 days ago
  4. Russia's trade with China up 22% to $61bn
    4 days ago
  5. Putin aide: Bringing Azerbaijan under Kremlin's influence would solve Nagorno-Karabakh conflict
    4 days ago
  1. STOLYPIN: Russia balances wargames with mindgames in Zapad exercises
    1 month ago
  2. Russia to bring in record breaking harvest of 127mn tonnes
    21 days ago
  3. Investors ask which Russian bank domino will be the next to topple
    27 days ago
  4. Eastern Europe’s blockchain revolution
    15 days ago
  5. INTERVIEW: de Villepin says Ukraine should declare itself neutral
    12 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss