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Iraq Inaugurates New Gulf Oil Export Outlet

Iraq has inaugurated a new oil export terminal for tankers in the Persian Gulf.

The head of state-run South Oil Company, Dhiya Jaffar, said water will be pumped through the terminal in the southern province of Basra for testing to allow crude to start flowing in a week to 10 days.

An Oil Ministry spokesman, Assem Jihad, said oil exports through southern Iraq will be boosted by about 200,000 barrels per day beginning next month.

If the project goes according to plan, exports from Iraq's southern oil fields will rise to 1.9 million barrels per day by March and bring Iraq's total shipments to 2.3 million barrels per day, the highest level since the 2003 U.S.-led invasion.

The government relies on oil exports for 95 percent of its revenue.

Compiled from agency reports

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