Oil exports may top US$1 billion monthly

WASHINGTON – Iraq’s oil export revenues could exceed US$1 billion per month this year if prices hold at current levels and export capabilities are not interrupted, the Bush administration told Congress in a report on Wednesday.

The White House report said Iraq’s crude oil exports should increase significantly once a pipeline from Kirkuk to Turkey’s Ceyhan port is sufficiently secured from attacks to allow a reopening. The report on progress in rebuilding Iraq, which Congress required in the resolution it passed authorising the US-led invasion, also said Iraq is consuming 500 000 – 600 000 barrels of oil per day.Refinery production of kerosene, diesel and gasoline remains at pre-war levels because of the sabotage of crude oil pipelines and electric power shortages, it said.But the report said product imports have increased to meet domestic needs with the US-led Coalition Provisional Government spending US$7 million to US$8 million per day to import refined oil products from Turkey, Kuwait and Jordan.As of early this month, the report said gasoline supplies consistently exceeded daily demand, and supplies of other products including diesel and kerosene also have improved.- Nampa-ReutersThe report on progress in rebuilding Iraq, which Congress required in the resolution it passed authorising the US-led invasion, also said Iraq is consuming 500 000 – 600 000 barrels of oil per day. Refinery production of kerosene, diesel and gasoline remains at pre-war levels because of the sabotage of crude oil pipelines and electric power shortages, it said. But the report said product imports have increased to meet domestic needs with the US-led Coalition Provisional Government spending US$7 million to US$8 million per day to import refined oil products from Turkey, Kuwait and Jordan. As of early this month, the report said gasoline supplies consistently exceeded daily demand, and supplies of other products including diesel and kerosene also have improved. – Nampa-Reuters