Iraq’s oil ministry stated on Sunday that Oil exports grew by 8% in May.
The country witnessed an expansion in shipping capacity following the unveiling of a new floating terminal in the southern ports. According to the oil ministry, Iraq should see export capacity grow by 800,000 barrels per day (bpd).
Spokesman for the Iraqi oil ministry Asim Jihad said that the country exported an average of 2.582 million bpd in May, up from 2.39 million bpd in the preceding month. This number is about a million barrels shy of Iraq’s 3.4 million bpd target for 2014.
The target consists of 400,000 bpd from the autonomous Kurdistan region which has not exported oil through state facilities for more than a year, owing to resource disputes with Baghdad.
Jihad said stated that the average price of a barrel of Iraqi oil in May was $100.80, producing a turnover of $8.07 billion.
