Iraq oil exports rise by 700,000 bpd

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A senior oil official has said that oil exports coming out of Iraq rose by over 700,000 barrels per day (bpd) in December compared to the previous month.

Reuters reported that an official from the country’s a State Oil Marketing Organisation (SOMO) said that exports hit an average of 1.977 million bpd last month as opposed to 1.902 million bpd in November.

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The 4% rise in exports capped a good December for Iraq’s oil industry as many of the development contracts for the Gulf state’s oilfields were snapped up by international oil companies (IOCs).

Iraq hopes to raise output to 12 million bpd over the next decade, a figure that would rival Saudi Arabia in terms of oil production. Total output currently stands at 2.5 million bpd.