[size=36]Production expenditures drain half of Iraqi oil revenues[/size]
[You must be registered and logged in to see this link.]
, the expert in energy affairs Furat Al-Mousawi revealed, on Thursday, the cost of extracting oil from Iraqi fields.
"Oil is not sold at the daily price, as is known to everyone, but it is sold on futures contracts for every month," Mousawi said in a statement seen by Mawazine News, stressing that "the prices that are signed in contracts differ from month to month."
He added that "the average cost of extracting Iraqi oil is $ 11 per barrel, in addition to that two dollars per barrel go to the International Monetary Fund as compensation to Kuwait for the losses of 1991."
Al-Moussawi pointed out that "Iraqi crude oil is sold at seven dollars less than the international price."
And Thursday, Brent crude rose 1.55 dollars, or 7.61 percent, to 21.92 dollars a barrel by 1200 GMT, a day after touching 15.