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Tuesday, July 29, 2008

Iraq oil exports up by 10 times over last year

WASHINGTON — Iraq has increased crude oil exports by more than 10-fold since 2007.

A report by the U.S. Special Inspector General for Iraq Reconstruction said that oil exports from Iraq's northern pipeline rose by more than a factor of ten since last July.

The report, saying exports reached 12 million barrels per month for much of 2008, cited a project to protect the 95-kilometer pipeline from Kirkuk to the refinery at Baji, Middle East Newsline reported.

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"From July 2007 to May 2008, northern crude oil exports have increased by approximately 91.3 million barrels or more approximately $8.215 billion," said the report, basing its revenue estimates on $90 per barrel of oil.

For years, the Kirkuk pipeline was a favorite target of Sunni and other insurgents. Over the last year, Iraq and the United States have enhanced protection of the facility and deployed nearly 1,000 soldiers.

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