Iraq’s daily oil exports hit 2.8 million barrels per day in February, up about a half million barrels from the previous month.
Iraq has the world’s fourth largest proven reserves of conventional crude
Oil revenues make up nearly 95 per cent of its budget.
Deputy prime minister for energy Hussain al-Shahristani said Saturday that average production exceeded 3.5 million barrels per day last month, the AP reported.
Production “would have reached 4 million barrels if the country’s northern self-ruled Kurdish region had contributed its share of about 400,000 barrels a day to the figure, as had been estimated in the 2014 budget,” al-Shahristani said.
Iraq has awarded more than a dozen oil and gas deals since 2008, including to Exxon Mobil, BP, and Total, among others.
“Oil Minister, Abdul-Karim Elaibi, said his ministry plans to pump 3.7 million barrels per day this year and to raise exports to nearly 3 million barrels per day,” the AP said.