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

  • Asian stocks mixed after Wall Street sees gains

    Economic CTV News
    BEIJING - Asian stock markets were mixed Tuesday after Wall Street gained as investors looked ahead to this week's gathering of central bankers in Jackson Hole, Wyoming. KEEPING SCORE: Hong Kong's Hang Seng index gained 1 per cent to 27,421.58 points and Seoul's Kospi added 0.3 per cent to 2,362.40. Source
  • Average Canadian mortgage nears $200K, up 5% in a year

    Economic CBC News
    Canadians owe more than ever before on their mortgages, but fewer and fewer borrowers are falling behind on their payments. That's one of the major takeaways from a report published Tuesday from credit monitoring firm TransUnion, which looked at every active credit file across the country to gauge the financial health of borrowers and consumers. Source
  • Border-beer case could end Canadian federalism, N.B. government argues

    Economic CTV News
    FREDERICTON - A battle over cross-border beer sales threatens to end Canadian federalism as it was originally conceived, the New Brunswick government argues in a submission to the country's top court. In a statement of facts to the Supreme Court of Canada, the province says allowing a New Brunswick man to purchase alcohol in a Quebec border town could ultimately "redesign Canadian federalism. Source
  • Stop the presses: Globe and Mail ends print edition in Maritimes

    Economic CBC News
    The Globe and Mail will stop delivering its print edition to the Maritimes, the newspaper said Monday. Phillip Crawley, the publisher and CEO, said it followed the decision made in 2013 to stop printing in Newfoundland and Labrador. Source
  • Globe and Mail to scrap print edition in Atlantic Canada later this year

    Economic CTV News
    TORONTO -- The Globe and Mail is putting a stop to its daily print edition across Atlantic Canada later this year. Publisher Phillip Crawley says the national newspaper plans to halt production for the East Coast version on Nov. Source
  • German softwood imports up tenfold in wake of U.S. duties on Canadian industry

    Economic CTV News
    OTTAWA -- U.S. imports of softwood from Germany have grown tenfold in the first half of the year as punishing duties pushed imports of Canadian softwood down. RBC Capital Markets analyst Paul Quinn says Canadian lumber producers have plunked down an estimated $500 million so far in countervailing and antidumping duties after the U.S. Source
  • Home Capital class-action lawsuit settlement approved by Ont. court

    Economic CBC News
    An Ontario court has approved the settlement of a $29.5 million class-action lawsuit by investors against alternative mortgage lender Home Capital Group Inc. The Ontario Securities Commission approved a settlement earlier this month with the Toronto-based company and three former executives who agreed they failed to tell investors quickly and completely about fraudulent activity by some mortgage brokers associated with the lender. Source
  • Court approves Home Capital class-action lawsuit settlement

    Economic CTV News
    LONDON, Ont. - An Ontario court has approved the settlement of a $29.5 million class-action lawsuit by investors against alternative mortgage lender Home Capital Group Inc. The Ontario Securities Commission approved a settlement earlier this month with the Toronto-based company and three former executives who agreed they failed to tell investors quickly and completely about fraudulent activity by some mortgage brokers associated with the lender. Source
  • Transat shares surge after positively revising summer earnings outlook

    Economic CBC News
    Shares of Transat A.T. surged on Monday to the highest level since early 2015 after the travel company signalled that it is having a significantly more profitable summer season than it had expected. The Montreal-based company's shares rose as high as $8.85 on Monday before easing back to $8.70 in intraday trading on the Toronto Stock Exchange, up 74 cents from Friday's close. Source
  • Losing PC Financial may give Loblaw the chance to merge PC Points with Shoppers Optimum, analyst says

    Economic CBC News
    Another divorce in Canada's loyalty card sector has consumers stuck in the middle asking questions about the future of an industry still bruised by the actions of some of its largest providers. The Canadian Imperial Bank of Commerce announced last week it is severing ties with Loblaw's President's Choice Financial and rolling PC's two million bank accounts into its Simplii Financial brand starting Nov. Source