Iraq oil exports make major gains

Iraq's oil exports from its southern ports have jumped by 150,000 barrels per day (bpd) this month. Iraq's oil exports from its southern ports have jumped by 150,000 barrels per day (bpd) this month, according to shipping data tracked by Reuters, a sign Baghdad is on the way towards boosting shipments to a post-war record rate. Exports from the Basra oil terminal, Khor Al Amaya, and a new Gulf outlet have averaged 1.81 million bpd in the first 19 days of March, the data showed, up from about 1.66 million bpd in February. Iraq is expected to provide the world's largest expansion in oil export capacity in 2012 as new outlets open. Oil companies such as BP and ENI have been working to boost output in Iraq, which holds the third largest reserves in the Middle East. But exports have been held back for years by a lack of port capacity after decades of war and sanctions. From: Gulfnews