Iraqi Oil Exports Have 'Nosedived'

Iraq's oil exports are decreasing by nearly 100,000 barrels a day every month, said former Oil Minister Ibrahim Bahar al-Uloom.


Uloom said the drastic decline started last May and has slashed exports to 1.65 million barrels a day from about 2 million.

"Iraqi (oil) exports have nosedived 25 per cent since the beginning of 2008," Uloom said in an interview.

"This represents a big challenge to the government," he said.

He said he could not see how the government would be able to meet budgetary expenses for 2009.

"2009 budget has been based on the assumption of exporting two million barrels a day and an estimated price of not less than $80 for a barrel," he said.

Enjoy this piece?

… then let us make a small request. AlterNet’s journalists work tirelessly to counter the traditional corporate media narrative. We’re here seven days a week, 365 days a year. And we’re proud to say that we’ve been bringing you the real, unfiltered news for 20 years—longer than any other progressive news site on the Internet.

It’s through the generosity of our supporters that we’re able to share with you all the underreported news you need to know. Independent journalism is increasingly imperiled; ads alone can’t pay our bills. AlterNet counts on readers like you to support our coverage. Did you enjoy content from David Cay Johnston, Common Dreams, Raw Story and Robert Reich? Opinion from Salon and Jim Hightower? Analysis by The Conversation? Then join the hundreds of readers who have supported AlterNet this year.

Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure AlterNet remains independent long into the future. Support progressive journalism with a one-time contribution to AlterNet, or click here to become a subscriber. Thank you. Click here to donate by check.

DonateDonate by credit card

Close

Thanks for your support!

Did you enjoy AlterNet this year? Join us! We're offering AlterNet ad-free for 15% off - just $2 per week. From now until March 15th.