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Economists: Improved economic relations between Erbil and Baghdad increased oil exports Thursday, August 26th 2010 Baghdad, Aug. 26 (AKnews) - Iraqi oil experts said oil exports increased last July due to the development of relations between Erbil and Baghdad. The oil exports in July reached 56 million and 300 000 barrels and the revenue reached 4 billion 9 million dollars after they were at 54 million and 700 000 barrels in June with a revenue rating at 3 billion and 889 million dollars. "The governments of Erbil and Baghdad overcame a large part of pending problems with regard to the export of oil and gas, which increased the oil exports in July," said the oil expert Adbul Karim Mohamed. "The current parliament has a special mission related to the oil and gas law, which regulates the economic relations between the federal and regional government according to law and constitution," he added. Ihsan Maen, another oil expert told AKnews that "Baghdad and Erbil must end their problems related to the oil export process and develop mechanisms that govern the exchange of oil with international companies. " "July witnessed an increase in the oil exports because many of the obstacles that were hindering both sides were overcome." The spokesman of the outgoing Iraqi government, Ali al-Dabbagh confirmed earlier to (AKnews), "The economic relations between Erbil and Baghdad have witnessed in July an increase in the oil exports… This is the first step within the plans developed by the government to increase oil exports during the next six years to 12 million barrels a day." "The next government will have a clear mechanism after the current government solved most of the differences with Kurdistan Region, in particular with regard to the oil exchange between both sides." The oil ministry announced two days ago the increase in the rates of oil exports in July after 28 international companies came to buy Iraqi crude oil. Iraq produces about 2.4 million barrels daily which constitutes more than 90 % of the country’s proceeds. The Iraqi Oil Ministry plans to increase its oil exports to more than 12 million barrels per day after taking the approval of the World Organization of Petroleum Exporting Countries OPEC. Rn/ae/AKnews
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