Iraq achieves more than 45 billion dollars in oil export revenue over the past six months

The Iraqi oil Ministry announced Sunday that Iraq's revenues from oil exports during the first half of the year 2012, amounting to more than $ 45 billion, asserting that Iraq had achieved a surplus oil revenues amounted to nine billion dollars, with accused some OPEC not to adhere to its assessed contribution.



Official spokesman Assem Jihad, the oil Ministry of Iraq in an interview for "alsumaria news" that "Iraq has achieved during the first half of the year 2012, over 45 billion dollars", stating that "the Government approved the surplus oil revenues for the first half amounted to nine billion dollars."

Jihad said that "Iraq's budget surplus will be reflected positively on the Iraqi economy and help the Government to establish a supplementary budget to support the budgets of other ministries and especially SOA", noting that "OPEC found surplus quantities of oil before more than million and 600,000 barrels per day."

Jihad said that "some OPEC members, including Saudi Arabia and the United Arab Emirates exceeded its assessed contribution on and off the agreement that came out of the Organization at its last meeting oil production ceiling by 30 million barrels per day," he said, adding that "the price of $ 100 per barrel is a price appropriate for Iraq, on what it regards as some other expensive non-appropriate".

Jihad said that "continuing low global oil prices will push OPEC to hold an emergency meeting to cut production again to maintain oil prices."

The Organization of petroleum exporting countries, announced last Friday, (6 July), the standard crude basket price rose to $ 90.78 per barrel compared to Thursday, which amounted to $ 97.40.

And the survey conducted by Reuters which included oil companies and OPEC officials and analysts that the average production of the 12 OPEC countries reached State 31.63 million bpd in output did not adhere to the target of 30 million barrels a day agreed during the last meeting of OPEC.

OPEC comprises 12 Khama is a combination Algerian deserts and girassol crude and heavy Angolan Iranian crude and Basra light export Iraqi and Libyan and Kuwaiti CEDR Bonnie Nigerian maritime country light and Saudi Arabian Light wemrban and Mary waurint of Ecuador Venezuela.

The Organization of petroleum exporting countries (OPEC), which was founded in 1960 by agreement between the five States are Saudi Arabia, Iran, Iraq, Kuwait and Venezuela, and is headquartered in Vienna, one of the largest global organizations supervising the Organization of process of exporting oil and pricing, and comprises currently 12 oil exporter, have together between two thirds and three quarters of the world's oil.

And Iraq share identified by three million and 800,000 barrels a day, but it only produces 2 million and 450 million barrels currently, export share is determined by agreement between the States and the Organization and rely on some criteria which each State reserves, Iraq called for increased share based on what it says "new oil discoveries".

The Iraq had signed early this year 2010, several contracts with international companies to develop some of the oil fields, in the first and second rounds of the licenses, to reach a production of at least 11 million barrels a day within the next six years and 12 million barrels per day, after adding the quantities produced of other fields in the national effort.


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