HispanicBusiness

In October 2012, Iraq boosted its oil exports up to 2.65 million barrels per day compared to 2.6 million barrels per day in September, a Samooil report said on Friday.

In general, Iraq exported 81.3 million barrels in October compared to 77.8 million barrels in September.

The country's revenues from exports amounted to $8.5 billion compared to $8.3 billion in September.

About 67.3 million barrels of total exports account for the city of Basra, while 14 million barrels account for Kirkuk.

According to BP, Iraq's proven oil reserves amounted to 143.1 billion barrels as of late 2011. The country ranks third in OPEC after Saudi Arabia and Iran. BP reported that oil production in Iraq amounted to 2.798 million barrels per day in late 2011.

The major oil fields of Iraq are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in the south of the country. About 80 per cent of oil extracted in Iraq, is exported.

Distributed by MCT Information Services