Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (50573)	9/8/1999 7:56:00 AM
From: oilbabe	Read Replies (1) \| Respond to of 95453

Iraqi Oil Exports Rise 33% on Week to Near Record, UN Says Baghdad, Sept. 8 (Bloomberg) -- Iraqi oil exports rose 33 percent last week to a near-record as high prices encouraged shipments under a United Nations accord that allows sales to raise money for food and medicine, the UN said. Iraq exported 18.8 million barrels of oil or of 2.68 million barrels a day in the week ended Sept. 3, representing some 3 percent of world supply and generating revenue of $351 million, the UN's Iraq Program said. Iraqi exports, which swing from week to week, have averaged about 2.1 million barrels a day over the last three months, up 5 percent from the 2 million-barrel-a-day average over the previous six months from November to May. Its production is nearing levels seen before the 1990 Gulf War, according to Bloomberg estimates. ``Iraq has all its pumps going to take advantage of higher oil prices,' said Mohammed Abduljabbar, a senior oil analyst with Petroleum Finance Co. Exports also fluctuate because some weeks Iraq diverts more oil to domestic refineries for local consumption. Iraq, while a member of the Organization of Petroleum Exporting Countries, is not participating in production cuts designed to clear a world glut. Benchmark Brent crude oil has soared to about $22 a barrel from less than $10 last December as the other 10 OPEC members agreed to slash world oil output by about 6 percent for one year from April 1. Iraq is allowed to sell oil to buy food and medical supplies under an exemption to UN sanctions imposed on Iraq after Baghdad's invasion of Kuwait in 1990. Goods that arrived in Iraq during the past two weeks included cooking oil, infant milk formula, detergents and tea. The UN program allows Iraq to sell up to $5.2 billion worth of oil every six months, though some UN Security Council members have said they'd consider raising the limit. Iraq has shipped an estimated 204.1 million barrels of oil, worth $3.49 billion, since the current six-month sales period began on June 1. At that pace, Iraq will reach its export ceiling before the end of the period.