Iraqi Minister "Largest Ever Oil Revenues"
WC, this was what I was thinking of when I said I thought they had exceeded the prewar production.. I remembered this article and the phrase I have hilighted here and didn't remember the details.
Sara.
Iraqi Minister Says July Saw "Largest Ever Oil Revenues"
August 10, 2005
A news conference by Iraqi Oil Minister Ibrahim Bahr al- Ulum to unidentified correspondents.
At the beginning of the news conference, the minister makes a statement on the Oil Ministry "recent achievements".
"In general, it would be useful to mention figures that reflect the Ministry's plan. In the field of crude exports, the Oil Ministry has been able to raise the level of the export operations, reaching about 1.6 million barrels per day [bpd] from the Iraqi ports for last month. If we compare this with the daily exports in June, which was 1.44 bpd, and in May, during which the daily exports were 1.38 bpd, we will find that the Oil Ministry has been able to carry out the 100-day plan; namely, the expansion of the oil export capacity.
"It is also useful to recall that the Iraqi revenues for July were probably the largest in the history of the Iraqi oil industry. The revenues during July amounted to 2.5bn dollars. Furthermore, the Oil Ministry aspires to promote this plan further to reach the level that we reached during the first half of last year.
"Moreover, it is also useful to review the operations of the Iraqi refineries because this is of direct interest to the citizen. Perhaps we can indicate the increase in oil byproducts in our Iraqi refineries in the north, in the centre, and in the south. The average increase in the production of liquefied Gas and gasoline was between seven and 10 per cent. As for gas oil and paraffin, the increase in July was between 18 and 20 per cent. Perhaps if we look at some useful figures of Gasoline production in our refineries, we will find that in May it was 9.6 million litres per day. It increased to 10.25 million litres in June and 11 million litres per day in July. By solving the problems of the congestions and the problems that our refineries are facing, we hope to increase the production of gasoline to 13 million litres per day by the end of this month.
"The Central Committee, which was forced in the Oil Ministry two months ago to deal with this congestion, hopes production would go as high as 14 million litres per day by the end of October.
"When we talk about the refineries, we must also speak about the operations of exploiting gas in Iraqi areas. The staff of the Southern Oil Company realized a big stride in exploiting the accompanying natural gas and carried out a project that would supply our networks with 80 million cubic feet of gas for treatment [al- ghaz al-mu'amil] per day, which is considered a pioneering achievement in the gas exploitation operations.
"Moreover, there are operations to rehabilitate the refineries. This would give us 20 per cent increase in the oil byproducts. This will start either today or tomorrow.
"On the same level, you are aware that during the latest visit by the prime minister to the Islamic Republic of Iraq, an Iraqi- Iranian oil agreement was reached on this; namely, building two pipelines. The first will be to carry crude and the second to carry byproducts, which will provide Iraq with 12 million litres of oil byproducts per day.
"Undoubtedly, we are aware of the concern of the Iraqi citizen. In terms of the distribution of oil byproducts, especially the gasoline, we have placed this issue on top of our agenda. You know, recently the gasoline consumption in Baghdad and its suburbs increased by over 2 million litres per day. Since 10 July, the Oil Ministry has been pumping into Baghdad and its suburbs 10 million litres per day...."
Re: Sweeting the pot!
Right, revenues were the highest ever... thanks to us paying $3+ a gallon for gas. Production was higher under Saddam, but prices were lower = lower revenues.
Re: Sweeting the pot!
Yes, $50-$60 a barrel for crude really makes a difference in revenues doesn't it. As of now, I believe they are very close to or are at pre-war levels of crude exports and with the opening of the northern pipeline will begin to grow past that.
When their new refineries are built they will supply their own needs and possibly export some of that.
Not to mention capturing the billions of cubic feet of natural gas they just "torch" off right now. The revenues will be greater than any other nation in the ME.
Iraq has truly the potential to become THE richest nation over there if they can manage their resources properly.
Also, they have only begun to start farming again.
Production was higher under Saddam, but prices were lower = lower revenues.
Re: Sweeting the pot!
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