Here's some good economic news from Iraq:
BAGHDAD (MENAFN) - Iraq's Oil Minister said that his country posted the highest level of crude sales in the country's petroleum history last July, KUNA reported. Returns of the July oil sales were the largest on record, reaching $2.5 billion, adding that the Iraqi oil production, last July, rose to 1.6 million barrels per day, from 1.440 million bpd in June and 1.380 million bpd in May.
Hike of the crude production was in line with a plan, devised by the ministry to enhance the country's exportation capacities, the minister added.
On production of oil derivatives, he said the output of liquefied gas and fuel rose by 7-10 percent, adding that the output of gasoline last May reached 9.6 million liters per day, and climbed in June to 10.25 million liters pd in June before reaching 11 million liters per day in July.
He expressed hope to hike the fuel output to 12 million liters per day in August and 14 million per day in the end of October.
Is it too much to hope that this gushing increase in output might make a teensy difference in the price Americans are paying at the pump, or is it all being sold to the Chinese?
