300 000 000
The Iraqi Ministry of Oil announced its intention to export 300 million oil barrels to the international markets in 2014.
The Minister of Oil, Abdul Kareem Leibi, said on the margin of the 13th Turkish International Oil and Gas Conference on last Wednesday "Iraq to boost its oil production to the international markets up to 300.000.000 oil barrels in 2014."
"Iraqi Ministry of Oil exerts efforts to upgrade the natural gas system that involves Egypt, Jordan, Syria, Lebanon, Iraq and Turkey," the Minister concluded.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.