Tensions in the Middle East and rising oil prices continue to increase the profits of Iraq

On: Sun 04/03/2012 22:21

Oil exports continue to slump  
citizen – translation Ammar Mohammed Kazemsince the second half of 2011, exports of Iraqi oil revenues continue to recession but remained high. The reason for this recession to the problems of infrastructure and airspace bad and attacks that you get here and there by terrorists. at the same time continuing tensions in the Middle East portfolio at high oil prices and this certainly means that Iraq did not suffer from loss of profits in spite of technical problems and purification experienced by the Iraqi oil industry, but this is about to change this year with the completion of the country, finally the first part of its program to expand the industry in its port south of Basra, in addition to the presence of big plans again to raise exports. in January of 2012, landed exports But Iraq’s oil profits have increased, a trend that followed him throughout the country in 2011 was Iraq’s oil exports in January of 2012 amounted to 2.107 million barrels per day and this is the least of the month, which was preceded by a rate of 2.145 million barrels per day. All of this is less than the overall rate for the year 2011, which stood at 2.6 million barrels per day has remained Basra represents the highest rate of work in the country where exported 53.1 million barrels per month, compared to 12.2 million barrels were Tsdriha through pipes northern fields to Turkey. and the total exports Iraq in the month of January amounted to 65.3 million barrels, less of the total Iraqi exports in the month of December of 2011, which amounted to 66.5 million barrels. In any case Iraq is still able to get more profits Fbermal of Iraqi crude oil that was sold in a month December at $ 106.81 dollar rose to 109.081 dollars in the month of January, which means that despite the decline in foreign sales, but profits rose to the amount of 7.061 billion dollars in the month of December and continue to rise for up to $ 7.123 billion dollars in the month of January, the highest Oil price reached since April of 2011, while revenues were the largest since August of the same year. It is expected to continue rising prices in the foreseeable future with the continuing tensions in the Middle East. With fear oil traders world of the continuing escalation of prices in world markets, but this continuation is what is in the interest of Iraq, as is evident. the other hand, Iraq has big plans to raise production in the coming years have started these plans with the opening of a terminal new in Basra during the month last February, which was supposed to be opened during the month of January, but the testing procedures and bad weather were the reason behind the delay. new floating terminal has the ability to export ranges between 850 thousand to 900 thousand barrels per day. And is currently planning for the opening of three other new stations in 2013 is increasing the country’s export capacity to 3.4 million barrels a day. There are also new plans to build two new pipelines under the sea and anchor point is expected to cost $ 1.3 billion. Basra now has stations export oil with a capacity of 1.7 million barrels in addition to three oil fields giant is the Rumaila and West Qurna-I, Zubair and the Oil Ministry is trying to raise production from the northern fields of 600 thousand barrels per day to 1.3 million barrels at the end of 2014 and this increase will come from expand production in the fields of Kirkuk, Bai Hassan and Jambour. There is also talk about rebuilding the old oil pipeline through Syria as well. The completion of any project in infrastructure will increase the capacity of Iraq’s certainly the production and export, which raises the revenues from the continuing rise in world oil prices. newspaper: Thoughts on Iraq, the British