Good, not so bad news from Iraq oil

BAGHDAD, Jan. 11 (UPI) — Iraq ended a deadly year by steadily increasing oil production, but about $1.4 billion in revenue was taken by the still booming black market.

Around 21.5 million barrels of oil were reported pumped but not accounted for in exports, storage facilities or refineries, according to the global energy information firm Platts.

Smuggling has been a presence in Iraq for decades, including the green light by Saddam Hussein. Gangs, militias and insurgents have capitalized on both the crude and fuels black market with high oil prices, a regional need for refined products and subsidies for fuels.

In 2006, however, an estimate 44 million barrels were unaccounted for.

UPI