Iraq announces exporting two and a half million barrels of oil per day

Iraq's exports have increased to an average of 2.79 million barrels a day last month, due to the increased shipments from the southern oil fields that have helped Iraq get closer to the targeted level at the end of the year.

Speeding up work since 2010 in the southern oil fields from companies such as Exxon Mobil and Eni led to increase production by 600 thousand barrels to 2.9 million barrels per day in 2012.

Laeebe said in a press statement briefed by "Shafaq News”, before meeting Asian ministers of oil in Seoul that "Iraq OPEC member currently produces 3.25 million barrels of oil per day and it will add 175 thousand barrels per day to production capacity in late September.”

“Iraq will start oil production from 20 September in Majnoon field, and it will enable it to increase production after a test period of 10 days," adding that "the production of Jurf field began three days ago“.

As the Iraqi government has set a target for oil production of 3.4 million barrels by the end of 2013, a decline from an initial figure of 3.7 million barrels per day. Oil represents the lion's share in the income of the Iraqi government and its revenues from foreign exchange.

Laeebe talked on world oil prices by saying that " the price of crude id around 100 $ a barrel which is a fair price for consumers."

Earlier this month, the Organization of Petroleum Exporting Countries (OPEC) said that global oil markets receive adequate supplies despite a drop in Libya's production of crude.