Iraq eyes post-war oil export high in July

DUBAI (Reuters) – Iraq aims to boost oil exports in July to their highest level since before the U.S.-led invasion in 2003 and to pump even more in August, a top oil official said on Sunday.

Rising output and the rally in oil prices this year had eased pressure on the government, Falah Alamri, the head of Iraq’s State Oil Marketing Organisation (SOMO) told Reuters. Baghdad cut its state budget three times after last year’s price slump of around $115 a barrel from peak to trough.

“The pressure has been less on the government because of the improvement in price and the increase in production,” Alamri said in a telephone interview.

Iraq needs cash from oil sales to rebuild an economy shattered after years of sanctions and war.

Pressure problems at southern fields wiped about 250,000 bpd from output after Iraqi exports hit a post-war high of 2.01 million bpd in May 2008. The decline alarmed the Iraqi government, which put in place a rapid development plan to revive flagging output early this year.

Reuters