Official: Southern Iraq 's crude oil export capacity grew to 2 million bpd

[DuctapeFatwa]

The Head of Iraq 's South Oil Co. said that Southern Iraq 's crude oil export capacity grew to 2 million barrels per day (bpd) since a second offshore terminal began operations a few days ago, Dow Jones Newswires reported.

The official added that Khor al-Amaya is loading oil at a rate of 400,000-450,000 bpd and Iraq aims to raise the terminal's export capacity to 1.2 million bpd by the end of this year.

Amaya has raised Iraq 's maximum export capacity to 2 million bpd by complementing Basra's oil terminal's maximum capacity of 1.6 million bpd.

According to the official, exports from southern Iraq have recently hit 2 million bpd by exporting stored crude oil.

http://www.menafn.com/qn_news_story_s.asp?StoryId=43049

[FatSlob]

1. Good for Iraq

I'm glad for them. They need the money.

[ze_dscherman]

3. ... to pay back their debts / n.t.

n.t.

[DuctapeFatwa]

5. Iraq won't actually be getting that money.

US companies will.

[FatSlob]

6. Cite please

I'm interested in this one.

[Barrett808]

2. So...is Iraq still a net importer of oil...? n/t

n/t

[legin]

4. I think Iraq's consumption of oil

is about 0.5 million bpd. (Very roughly. I like numbers that end in 0 or 5).

Perhaps I'm not sure I quite believe this number quoted in the original article. Maybe. It's a hum and a har one.

[jmcgowanjm]

7. This is BS-Extrapolation/ lying from loading smalltest Tanker

And if they are producing 2M bbls. they're pumping too fast and
destroying the fields.

Earlier in the week, SOMO officials said the Khor Al-Amaya terminal would start loading at a rate of 300,00-400,000 barrels a day and gradually increase to 800,000 barrels a day

http://seattlepi.nwsource.com/business/apbiz_story.asp?category=1310&slug=Iraq%20Oil