Iraqi oil exports close to 1990s highs

BAGHDAD, March 3 (UPI) -- Iraqi crude exports could reach levels not seen since the 1990s once exports from Kurdish territory reach targets, the Iraqi oil minister said.

Iraq has some of the most lucrative oil reserves in the world and much of the country remains unexplored. The country needs major investments, however, to recover from years of wars and economic sanctions.

Oil exports from Kurdish territories in Iraq resumed in early February. Arguing over revenue sharing halted crude shipments for more than a year.

Iraqi Oil Minister Abdul Kareem al-Luaibi said exports from the Kurdish region of Iraq are within site of the 100,000 barrel-per-day target.

"(Overall) exports will exceed the current level of 2.2 million barrels a day in March, which would be the highest level since 1998," he was quoted by Bloomberg News as saying.

Luaibi said exports would increase further once offshore terminals off the coast of Basra open this year.