Baghdad (Bloomberg) Iraq, holder of the world's third- largest oil reserves, exported 7.4 per cent more crude a day last month than in January, an oil ministry official said. Daily crude exports rose to their highest in more than a year.
February oil shipments climbed to about 2.07 million barrels a day, or about 57.9 million barrels during the month, compared with 1.93 million barrels a day, or 59.7 million in total, in January, Falah Al Ameri, head of the country's Oil Marketing Co, said by telephone.
Total production is about 2.4 million barrels a day, according to data compiled by Bloomberg.
Iraqi crude exports reached their peak for last year in July, when they reached 63.1 million barrels, or 2.04 million barrels a day, according to the ministry's website. February's daily rate of crude shipments abroad exceeded that level.
Dependent on oil for most government revenue, Iraq is seeking foreign investors to boost output after six years of conflict and prior sanctions destroyed its infrastructure. The country completed two bidding rounds for oil development rights last year and awarded 10 contracts to international companies.
The Middle Eastern state sold oil at between $71.5 a barrel and $72.5 a barrel last month, Al Ameri said. That means February crude export revenue would have been as much as $4.2 billion, down from the $4.42 billion turnover in January, when Iraqi oil sold at $73.97 a barrel average price in January.
Most Iraqi exports flowed through the southern ports of Basra, with about 1.6 million barrels a day of crude leaving the country that way, Al Ameri said.
