Iraq has opened the taps at a new oil export terminal in the Persian Gulf in a vital step to bringing sorely needed cash for reconstruction after decades of war and international sanctions.
Oil Ministry spokesman Assem Jihad says oil exports through southern Iraq — which currently stand at about 1.7 million barrels a day — will be boosted by about 200,000 barrels per day beginning in March.
Jihad said the new single point mooring (SPM) was inaugurated on Sunday by Prime Minister Nouri al-Maliki during a ceremony in the oil-rich province of Basra.
Iraq's total daily oil exports averaged 2.145 million barrels in December. The government relies on oil exports for 95 percent of its revenue.
