Report: Iraq has 11% of global oil reserves .. second largest oil producer in OPEC
June 15, 2014 8:05Last Updated: June 15, 2014 8:05
Iraq is the second oil producer in the Organization of Petroleum Exporting Countries (OPEC) and produces more than three million barrels per day, and he also owns more than 11% of the proven reserves of black gold in the world, but he still faces a violent and threatening attack of terrorism taking place in the north. After three wars and twelve years of embargo within thirty years, Iraq today is the second product in OPEC, which is a founding member, behind Saudi Arabia, Iran and Kuwait before. In May, Iraq produced 3.37 million barrels per day after 3.32 million barrels a day in April, according to the International Energy Agency. The oil production, especially from the Shiite south of the giant Rumaila fields, as well as from the north around Kirkuk. Term, according to the newspaper
It also has proven reserves estimated at 140.3 billion barrels of oil and 3158 billion cubic meters of natural gas. Has hit exports in May, 80.04 million barrels, according to the Iraqi official figures, representing 2.58 million barrels per day on average, The value revenue of $ 8.68 billion. But it remained lower than its size in February when rose to their highest levels since the invasion of Kuwait in 1990 with 2.8 million barrels per day. Iraq officially counting on three million barrels per day of exports by the end of 2014.
The crude sales account for more than 75% of the gross domestic product and more than 90% of state revenue, according to the International Monetary Fund. But Iraq shorn currently through basic export is the pipeline that connects Kirkuk port of Ceyhan and exported through the South Refineries located on the Gulf, particularly in Basra. Pipeline, which dates back to 1976 and can be transferred through it 500 000 barrels per day, has been closed since the second of March (March) on the impact of an attack. And passes in the north of the country which is currently experiencing a terrorist attack.
In the north, also cast a dispute between Baghdad and the Kurdistan region of Iraq's autonomous shadow on exports. In May, Turkey announced that it has begun supplying international markets with oil extracted from Iraqi Kurdistan.
Baghdad put that wrangled for years with the authorities in Erbil in this regard on 23 May complaint against Turkey before the International Chamber of Commerce based in Paris. In parallel and in the light of the terror attack, authorities seized control of Iraqi Kurdistan for the first time on the oil city of Kirkuk disputed with the central government. In this region, drilled the first oil well in the country in 1927.