Iraq oil exports hit three-month high

Iraq's monthly oil exports hit a three-year high of 58.9 million barrels in November, sold at an average price of $83.87 per barrel, the Oil Ministry said on Sunday.

Oil Ministry spokesman Asim Jihad said the exports had raised a total of $4.94 billion in the month, including about 1.6 million barrels per day (bpd) from Basra in the south, and more than 300,000 bpd exported from Kirkuk in the north.

He said his ministry has set a target to raise crude exports to two million bpd at the beginning of 2008 by increasing exports from the northern route.

"The Oil Ministry has set a plan, encouraged by the improvement of security in the north, to increase the export rate from Kirkuk's terminal to reach up to 500,000 bpd at the beginning of 2008," he said. (Reuters)