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Iraq's March Oil Exports Highest Since 2003 - Ministry

Dow Jones Newswires --
Iraq's oil exports in March ran at an average of 2.317 million barrels a day, putting them on track for the highest monthly volume since the 2003 U.S.-led war, due to a new offshore export terminal, a spokesman for the Oil Ministry said Sunday.

The figure marks a rise from 2.014 million barrels a day in February.

Revenue from crude oil exports hit $8.475 billion in March, the highest in years, Assem Jihad told Dow Jones Newswires.

In March, Iraq, a founding member of the Organization of Petroleum Exporting Countries, sold its crude at an average of $118 a barrel, the spokesman said.

Basra light crude exports flowed at 1.917 million barrels a day in March, up from 1.639 million barrels a day in February. The increase is attributed to the operation of a new sea-export terminal


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Submitted Apr 02, 2012 By: RENEGADEGAS
Category: Daily News Article Discussions > Topics Add to favorite topics  
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REPLIES (newest first) Post a Reply
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honda0105
Champion Author Tallahassee

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Message Posted: Apr 5, 2012 6:00:31 AM

TerryLee: show me where the previous administration had any ROI on the war they started?
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ExplorerWA
Champion Author Washington

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Message Posted: Apr 2, 2012 9:30:41 PM

We should be paid for freeing them and have a flow of oil coming to the US, but again we managed to snatch defeat out of the jaws of victory.
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Alfied
Champion Author Riverside

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Message Posted: Apr 2, 2012 4:36:14 PM

So, don't you think they should pay us back for getting rid of Hassad?
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tes283
All-Star Author Tampa

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Message Posted: Apr 2, 2012 1:44:30 PM

so when will the gas prices go down.
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BurtB
Champion Author Los Angeles

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Message Posted: Apr 2, 2012 1:37:22 PM

None of that money is going back to the US, dad2two .

You can thank all the liberals who accused us of liberating the Iraqi people for oil.

If we were not trying to defend ourselves from that false charge, we could have gotten 80% of our costs reimbursed from a grateful Iraq.
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dad2two
Champion Author Dallas

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Message Posted: Apr 2, 2012 11:59:08 AM

How much of that revenue is going back to the U.S. for liberating them?
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TerryLee
Champion Author Ohio

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Message Posted: Apr 2, 2012 11:19:23 AM

Because Obama is all talk and no action
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mikesr11
Champion Author New York City

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Message Posted: Apr 2, 2012 10:55:44 AM

WHERE ARE ALL THESE EXPORTS GOING? I DON'T BELIEVE HERE!
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BWALL2700
Champion Author Illinois

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Message Posted: Apr 2, 2012 10:44:25 AM

It doesn't matter. Gas prices still to high.
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eaglev
Champion Author Oklahoma City

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Message Posted: Apr 2, 2012 10:44:17 AM

You can see it at the pumps. $4 a barrel will be the norm and looks like it will push to $5.
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CPayZombie
Champion Author Phoenix

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Message Posted: Apr 2, 2012 10:42:56 AM

Well, you loose some and you loose some.
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TWS658
Champion Author Portland

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Message Posted: Apr 2, 2012 10:41:29 AM

Ok.
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CISA
Champion Author Orange County

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Message Posted: Apr 2, 2012 10:40:56 AM

Iran: drill & ship, drill & ship, drill & ship
BHO: shutdown & Luddite, shutdown & Luddite, shutdown & Luddite

is there a pattern here?
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bowler300MO
Champion Author Missouri

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Message Posted: Apr 2, 2012 10:39:58 AM

why are we still pouring money into Iraq, time to cut it off and get out
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orphancarguyPE
Champion Author PEI

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Message Posted: Apr 2, 2012 10:39:44 AM

Iraq is a 'major exporter'? Put it all in the proper context, please.

-The US uses over 19 million barrels a day, even though there has been cuts in use with high prices, an economic slowdown, and greater efficiency, and about 50% of it is imported (ie, getting very close to 10 million barrels a day).
-The much ballyhooed fracking in North Dakota is up to 500,000 barrels a day, might hit 900,000 by 2015, and might hit 1.3 million bpd by 2025. That is 2.6% now, 4.7% by 2015 (if no increase in use) and 6.8% by 2025 (if not increase in use)
-North Dakota has overtaken California in oil production. What the general public overlooks is that ALL the conventional oil producing states in the US like Texas, California etc are steadily and slowly declining, so the previous statement on available percentages will be much lower than expected by the general public.
-The world uses about 87+ million barrels a day, and currently there is a production reserve of maybe 1 to 1.5 millions barrels a day in ALL the world.
-Iran, by contrast, has been been producing about 4 million bpd

So, if the Iranian embargo becomes somewhat successful, the world will start experiencing an actual shortage of crude oil that no-one will be able to make up in production. NO-ONE. Once the stored reserves everywhere are drawn down, then real shortages and price panic will set in.

Welcome to the times of post-peak oil, happening any old day now, not some time in the distant future. Even without the embargo, it would be happening anyway in a handful of years, and we should have been planning for this eventuality 35-50 years ago, not making it up in baby steps decades late on the cusp of disaster

After all, M King Hubbert very accurately predicted back in the late 40s that US peak oil production would take place about 1970 (actually, it occurred December 1970) and has overall declined gradually ever since, in spite of the temporary blips of Alaska and fracking.

What has occurred in the output of coal and US (and British etc) oil, is now happening to worldwide oil

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sramroop
Champion Author Birmingham

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Message Posted: Apr 2, 2012 10:39:40 AM

Expected.....and the poor is getting poorer....:((
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gassy4u
Champion Author Mobile

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Message Posted: Apr 2, 2012 10:38:07 AM

And?
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kc58veteran
Champion Author Pennsylvania

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Message Posted: Apr 2, 2012 10:37:48 AM

BUT, Was ALL The U.S. Military DEATHS & INJURIES WORTH IT????
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Tatalah
Champion Author Riverside

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Message Posted: Apr 2, 2012 10:37:39 AM

Sometimes there are factors that say "sell" !!!!!
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htd2007
Veteran Author Twin Cities

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Message Posted: Apr 2, 2012 10:36:53 AM

highest priced...
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ted4636
Champion Author Cleveland

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Message Posted: Apr 2, 2012 10:36:13 AM

ok
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WebGabe
Champion Author Pennsylvania

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Message Posted: Apr 2, 2012 10:36:10 AM

Ok.
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katmandue
Champion Author Detroit

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Message Posted: Apr 2, 2012 10:35:15 AM

Our military wasted, troops lives wasted, civilian lives wasted all for oil!
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Diesel_Ram
Champion Author Dallas

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Message Posted: Apr 2, 2012 10:35:10 AM

With prices high you would think usage would be down slightly.
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Wolfwings
Champion Author Delaware

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Message Posted: Apr 2, 2012 10:35:04 AM

Feeling the "PINCH", I guess.
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Galmar352
Champion Author San Antonio

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Message Posted: Apr 2, 2012 10:34:28 AM

And the prices are not going down...

STOP OIL SPECULATION NOW!!!
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spiderjay
Champion Author Little Rock

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Message Posted: Apr 2, 2012 10:33:33 AM

normally that would be a good thing
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Road4Runner
Sophomore Author Ontario

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Message Posted: Apr 2, 2012 10:33:01 AM

This article further substantiates sound reasoning that we consumers need to walk, walk, walk when able to do so. Make an effort to not get got in the trap of struggling to drive because none of the poor can afford to in the first place. This senior sees no benefit of these 1.917 million barrels a day in March .. this article is for the eyes of the rich.
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viperND
Champion Author South Bend

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Message Posted: Apr 2, 2012 10:32:11 AM

:)
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fatboy97
Champion Author Twin Cities

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Message Posted: Apr 2, 2012 10:31:33 AM

That's good news... now to fix the Iranian issue.
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arnerator
Champion Author Seattle

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Message Posted: Apr 2, 2012 10:31:04 AM

Anything to offset Iran.
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Sethyl
Champion Author Miami

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Message Posted: Apr 2, 2012 10:30:13 AM

Still making record profits. Why not pump as much as possible right now.
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mediccoy
Champion Author North Carolina

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Message Posted: Apr 2, 2012 10:30:08 AM

When Iraq's oil exports peak...standby for the next battle!
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jb107
Champion Author New Jersey

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Message Posted: Apr 2, 2012 10:29:31 AM

They are coming back.
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stevencr
Champion Author Ohio

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Message Posted: Apr 2, 2012 10:29:02 AM

It has not done a bit of good to lower oil prices.
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buzzieNY
Champion Author Buffalo

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Message Posted: Apr 2, 2012 10:28:45 AM

Iraq's oil exports in March ran at an average of 2.317 million barrels a day, putting them on track for the highest monthly volume since the 2003 U.S.-led war, due to a new offshore export terminal, a spokesman for the Oil Ministry said Sunday.

Hopefully that new terminal is the one that will bypass Iran..
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JoeKR
Champion Author New Jersey

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Message Posted: Apr 2, 2012 10:28:10 AM

Hope those revenues aren't going to revolutionaries!
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tribill
Champion Author Twin Cities

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Message Posted: Apr 2, 2012 10:28:01 AM

Whatever....
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LuthierKS
Champion Author Wichita

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Message Posted: Apr 2, 2012 10:27:18 AM

When do we get our share?
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gknee09
Champion Author Philadelphia

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Message Posted: Apr 2, 2012 10:24:58 AM

good to see them coming back. hopefully one hand will wash the other
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bluenvoy
Champion Author Nashville

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Message Posted: Apr 2, 2012 10:24:50 AM

Goo for them.
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LostAgain2009
Champion Author New Mexico

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Message Posted: Apr 2, 2012 10:24:28 AM

No shortage of oil
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Indy1
All-Star Author Quad Cities

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Message Posted: Apr 2, 2012 10:24:19 AM

Where did it all go?
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ANT01
Champion Author Fresno

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Message Posted: Apr 2, 2012 10:23:26 AM

hmm
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SnickersDog
Champion Author Denver

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Message Posted: Apr 2, 2012 10:23:21 AM

Good for Iraq
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AC-302
Champion Author Los Angeles

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Message Posted: Apr 2, 2012 10:22:18 AM

Glad to see Iraq on line again.
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58salty
Champion Author Jacksonville

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Message Posted: Apr 2, 2012 10:22:17 AM

And this helps us how?
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JCS
Champion Author Twin Cities

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Message Posted: Apr 2, 2012 10:22:16 AM

So, Pay us for saving you.
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khareabhishek
All-Star Author Milwaukee

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Message Posted: Apr 2, 2012 10:21:52 AM

This will not bring the prices down.... Hunger games is set in future... currently Greed games going on ....
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GasholeMI
Champion Author Lansing

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Message Posted: Apr 2, 2012 10:21:22 AM

Going in the right direction for oil production.
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