Iraq to Boost Oil Exports
28 April 2015 09:30 WIB
TEMPO.CO, Jakarta - Iraq plans to export Basrah Heavy oil next month after being urged by the majority of consumers in Europe, Asia and America.
Iraqi Oil Minister Adel Abdul Mahdi said heavy-class oil exports could help Iraq in maintaining the quality product of its oil and increase earnings.
Earnings and sales of heavy-class oil could help increase the country’s production also, the minister said.
Currently, Iraqi oil manufacture is predicted to slump because low oil prices have reduced incomes of the middle east country. The country is currently arrears in debt of US$18 billion to the international company that drills oil in Iraq.
Iraq targets production growth in 2018 to reach 6 million barrels per day, while this month’s production is at level is just at 3.34 million barrels per day.
In today’s trade, West Texas Intermediate (WTI) oil price is down by 0.37 percent to US$56.94 per barrel, while Brent oil is also down by 0.25 percent to US$65.12 per barrel.
BISNIS.COM