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Iraq Oil Exports Down in February

Iraq Oil Exports Down in February

Wednesday, 13 March, 2019 - 15:15
Baghdad- Asharq Al-Awsat
Iraq’s state oil marketer SOMO announced Tuesday that Feb. oil exports dropped 0.11 percent compared to Jan., noting that the barrel price in Feb. reached USD 60.83.

In its statement, the company revealed that the exporting rate totaled 3.621 million barrels per day from southern and northern ports, which is 3.87 percent more during the same period in 2018. It added that the barrel price, according to initial data, reached USD60.83 i.e. a rise of 4.58 percent compared to Jan.

Iraq exports the majority of its crude oil from southern ports – exports to Asia represent 67 percent, to Europe 20 percent and to America 13 percent.

Further, SOMO said Tuesday that Iraq raised the official selling price of light crude oil to Asia in coming April 0.35 percent compared to the past month to 0.65 percent above the average prices of Amman- Dubai.

In a statement to Reuters, SOMO indicated that selling price of heavy crude oil in the same month was determined at the average prices of Amman- Dubai minus USD2.45 for the barrel.

As for the selling price of light crude oil to Northern and Southern America markets in March, it settled unchanged at USD1.35. As for Europe, the selling price of light crude oil relapsed in April USD0.55 for the barrel to the Brent price minus USD3.20.

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