Iraq plans to resume oil exports in the next few days

On Monday in his interview to RIA Novosti Tamer Gazban, head of the executive committee of the interim administration of the Iraqi Ministry of Oil stated that Iraq planned in the nearest days to resume its oil exports.

He stated that presently "the Iraqi petroleum trading company" was engaged in negotiations to conclude corresponding contracts.

The first load of Iraqi oil which, according to Gazban, would amount to about 1 million barrels would be shipped out of military reserves established by Iraq in the Turkish port of Ceyhan and in Basra in the south of Iraq.

Tamer Gazban stated that as far as crude oil production in Iraq was concerned, its volume presently reached 700,000 barrels a day. Gazban added that by mid-June Baghdad intended to reach the pre-war production level of 1.5 million barrels a day out of which 1 million barrels would be exported.

In the opinion of the head of the Iraqi Oil Ministry, entry of Iraqi oil into the global market would not affect its price as the talk was about small quantities and in addition to that oil was presently in high demand.