Iraq's oil exports in February fall below planned levels

BAGHDAD -- Iraq's Oil Ministry said Tuesday that crude exports averaged 3.225 million barrels a day in February, far below levels planned to provide the nation with badly needed cash for ongoing military operations against Islamic State extremists.

See Full Article

Last month exports grossed about $2.2 billion, based on an average price of about $23 per barrel, ministry spokesman Assem Jihad said in a statement. Iraq's 2016 budget is based on an expected price of $45 per barrel with a daily export capacity of 3.6 million.

January's daily exports averaged 3.283 million barrels, bringing that month's revenues to $2.261 billion.

The figures do not include oil being independently exported from Iraq's self-ruled northern Kurdish region since mid-2015, preventing the government from reaping revenues of nearly 600,000 barrels a day.

Iraq holds the world's fourth largest oil reserves, some 143.1 billion barrels, and oil revenues make up nearly 95 per cent of its budget. But like other oil-reliant countries, Iraq's economy has been severely hit by plummeting oil prices since 2014.

This year's budget stands at nearly 106 trillion Iraqi dinars, or about $89.7 billion. It runs with a deficit of over 24 trillion dinars (about $20.5 billion) that are planned to be relieved through loans from local and international lenders.

In the summer of 2014, Iraq was plunged into its worst crisis in the aftermath of the withdrawal of U.S. troops at the end of 2011. The Islamic State group -- which emerged out of al Qaeda's branch in Iraq -- blitzed across vast swaths of Iraqi territory, including the country's second largest city, Mosul, and captured nearly a third of Iraq.

Iraq introduced austerity measures earlier this year -- eliminating government posts, merging some ministries, halting spending on construction projects and imposing new taxes to pay for civil servants and fund its military.



Advertisements

Latest Economic News

  • Kinder Morgan announces final investment decision on Trans Mountain pipeline

    Economic CTV News
    VANCOUVER -- Kinder Morgan says it will proceed with the $7.4-billion Trans Mountain pipeline expansion as long as it secures satisfactory financing for the project through its initial public offering. The Texas-based company, in conjunction with its indirect subsidiary Kinder Morgan Canada, announced on Thursday its final investment decision on the project, which is conditional on the successful completion of the IPO. Source
  • Amazon opens first brick and mortar New York bookshop

    Economic CTV News
    Online retail giant Amazon on Thursday opened its first brick and mortar bookstore in New York, selling a limited range of its highest-rated books and letting customers browse products as in times gone by. Amazon, which launched as an online bookseller in 1995 but which now sells everything from designer clothes to groceries, bided its time before venturing into the US cultural capital. Source
  • Ontario threatens its own protectionism in fight against Texas Buy American bill

    Economic CTV News
    TORONTO - Ontario has hired lobbyists in Texas and is threatening protectionist measures of its own as it tries to convince state officials not to pass a Buy American bill. Premier Kathleen Wynne claimed victory last month after a successful Ontario push to stop similar provisions in New York state. Source
  • Alberta Energy Regulator to reconsider Suncor tailings plan it rejected

    Economic CTV News
    CALGARY -- Alberta's energy watchdog has agreed to reconsider its rejection of a plan by oilsands giant Suncor to clean up its tailings ponds. The Alberta Energy Regulator denied the Calgary-based company's applications in March, saying they did not satisfy requirements and a new proposal was needed. Source
  • Bank CEOs say Home Capital issues not widespread

    Economic CTV News
    TORONTO -- The CEOs of two of Canada's biggest banks say liquidity troubles at mortgage lender Home Capital are not indicative of a broader problem, but they are monitoring their mortgage portfolios in light of concerns about high house prices. Source
  • Payment systems modernization long overdue: BoC official

    Economic CTV News
    OTTAWA -- A senior Bank of Canada official says modernization of the country's core payments infrastructure is long overdue amid the rapid advance of new technologies -- and the risks that accompany them. In prepared remarks of a speech, deputy bank governor Sylvain Leduc says the system must be able to keep up with new payment options that, in recent years, have included innovations like PayPal, e-transfers and Apple Pay. Source
  • Feds release details of delayed methane reduction plan

    Economic CTV News
    CALGARY -- Companies in the energy sector would be required to regularly check equipment for leaks, make repairs, monitor emission levels and report them to Ottawa under the federal government's proposal to reduce methane emissions. Source
  • Federal government's methane emission reduction plan raises industry concerns

    Economic CTV News
    CALGARY -- Tougher methane emission regulations unveiled Thursday are expected to create oil and gas services jobs, but have raised concern that the costs of implementation could further weaken an industry hit hard by two years of commodity price uncertainty. Source
  • GM accused of installing 'defeat devices' in diesel trucks to beat emissions tests

    Economic CBC News
    A lawsuit on behalf of 705,000 GM Silverado and Sierra diesel truck owners alleges the vehicles have technology on them designed to beat emissions tests. (Rebecca Cook/Reuters) GM has been accused of installing "defeat devices" similar to the ones Volkswagen used in order to beat emissions tests on hundreds of thousands of diesel truck engines. Source
  • New Ford CEO shakes up management team

    Economic CTV News
    DETROIT -- Ford's new CEO is shaking up the company's senior management. The Dearborn, Michigan, automaker named a new head of global product development Thursday, as well as new heads of its operations in North America, Europe and Asia. Source