Iraq Nov Oil Exports Up 2.2% On Month At 2.135M B/D – SOMO

Iraq’s oil exports in November ran at an average of 2.135 million barrels a day, or 2.2% above the rate of October, the head of the State Oil Marketing Organization, or SOMO, said Thursday.

Basra Light crude exports flowed in November at 1.712 million barrels a day, up from 1.628 million barrels a day in October, Falah Alamri told Dow Jones Newswires.

Sales of Kirkuk crude and from Kurdish fields in November were at 423,000 barrels a day, down from 460,000 barrels a day in the previous month, he said.

Iraq is targeting to export some 2.2 million barrels a day in 2011, but average daily exports since the beginning of the year up to now is at 2.185 million barrels a day due to bottlenecks at export facilities in southern Iraq, Alamri told a energy conference in Basra in southern Iraq earlier this week.

"We are targeting to export 2.6 million barrels a day out of a production of 3.4 million barrels a day in 2012," he said. Iraq is currently producing around 2.7 million barrels a day.

Alamri also said that revenues from oil sales are expected to reach $82 billion this year, compared with $52 billion last year. Over the last 11 months Iraq’s oil revenues have reached around 75.6 billion, he added.