Oil export growth slows
The Iraqi Oil Minister said not to expect a third month of record oil export growth, as the local market needs fuel for the summer.
Oil Minister Abdul Karim Luaibi (L) and Electricity Minister Karim Aftan al-Jumaili speak during a reception at the Oil Police headquarters in Baghdad in April 2012. (BEN VAN HEUVELEN/Iraq Oil Report)
BAGHDAD - Iraq doesn't expect another record-setting month of oil exports in May, but the Oil Minister said Wednesday the country is on track to meet export goals.
Production remains strong, said Minister Abdul Karim Luaibi, but exports will plateau this month because Iraq must send more crude to refineries and power plants. As the summer heat-wave nears, the government is bracing for a spike in electricity and fuel demand.
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