Iraq oil production, revenue up in 2007

WASHINGTON, Jan. 29 (UPI) -- New data from Iraq's oil export arm finds increased production and high prices raised revenues by 31 percent to $39.8 billion in 2007, compared with 2006.

Improved output and security of the northern infrastructure helped Iraqi exports increase by 9.2 percent from 2006 to 2007, according to a revenues and quantities report from the Iraq State Oil Marketing Organization obtained by United Press International.

Iraqi exports averaged 1.49 million barrels per day in 2006, when the average price it fetched was $55.65 per barrel. Last year Iraq averaged 1.63 million bpd at $66.78 per barrel. Global oil prices gradually increased through last year and settled Tuesday at just more than $90 per barrel.

In December, Iraq exported an average of 1.82 million bpd at an average price of $83.14 per barrel, according to the SOMO report, bringing in $4.69 billion.

Nearly 90 percent of the exports went to market from the southern Persian Gulf ports. The smaller exports, of an average 187,000 bpd, flowed through the northern pipelines from Kirkuk to a Turkish Mediterranean port.

Those pipelines have been largely offline since 2003 because of regular attacks by insurgents. But repairs and a new security strategy since summer 2007 seemed to have afforded more regular output.

--

Ben Lando, UPI Energy Editor

--

(e-mail: blando@upi.com)