Iraq Should Improve the Quality and Quantity to Increase Oil Production: Maliki

The Oil Expert Mustafa Al Maliki said in his press statement that there is a most powerful increase in Iraqi oil production and Iraqi oil exports in last three months from the Northern and Southern ports, and we are expecting a rapid increase in the coming periods. He also said that according to the International Energy Agency and Iraq Oil Report, the Iraqi oil export in the month of May was at 3.145 million barrels oil per day with an improvement of eight thousand barrels oil from the month of April.

An average price per barrel oil recorded in the month of May at 55 dollars per barrel from its previous value of 51 U.S dollars per barrel. It generated a handsome rise for the month of May at 5.3 billion dollars from its previous value of 4.8 billion dollars. Maliki further said that Basra crude oil provided a much better support because Basra Light Crude Oil is considered as high quality crude oil. This can’t be denied that the benefits brought according to the current rise of export capacity between both the center and the region. The budget forecasts have reached on an average of 3.3 million barrels oil per day with the price at 56 U.S dollars per barrel.

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