Look For A Bunch Of New Oil To Come Out Of Iraq

oil barrels

Photo: Flickr/Professor of Death

BAGDHAD (AP) — Iraq has opened the taps at a new oil export terminal in the Persian Gulf in a vital step to bringing sorely needed cash for reconstruction after decades of war and international sanctions.Oil Ministry spokesman Assem Jihad says oil exports through southern Iraq — which currently stand at about 1.7 million barrels a day — will be boosted by about 200,000 barrels per day beginning in March.

Jihad said the new single point mooring (SPM) was inaugurated Sunday by Prime Minister Nouri al-Maliki during a ceremony in the oil-rich province of Basra.

Iraq’s total daily oil exports averaged 2.145 million barrels in December. The government relies on oil exports for 95 per cent of its revenue.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.