Iraq oil production stable after Basra

BASRA, Iraq, April 1 (UPI) -- Iraq's oil production is back on track following last week's violence in Basra.

The action by Iraq's military to rout militias led to violence trapping residents indoors and cutting supplies of water, fuel, electricity and food.

A pipeline feeding exports was also bombed, but the oil rerouted and pipeline repaired.

Iraq's Alsumaria TV reports exports from Basra's ports are being loaded onto oil tankers as normal. It added that although production and exports are about 100,000 barrels per day below the levels prior to the incursion, this should be adjusted soon.

Oil jumped by $4 per barrel after the attack last Thursday, settling for the day at a $1 increase. But the repair eased concerns, especially as it was a sole attack and most groups targeted in the military action benefit from a working oil infrastructure. Oil is now easing down and ended at around $100 per barrel Tuesday.

Most of Iraq's oil production and exports come from the south, and about 1.6 million bpd head to market from Basra's ports.