Iraq: Iraq Losing Billions In Oil Exports After ISIL Captured Pipeline

Nov 20, 2014 | World Tribune
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BAGHDAD — Iraq has been losing billions of dollars because of a halt in crude oil exports.

The Oil Ministry said Baghdad was losing $1.2 billion per month, or 27 percent of projected revenues, amid the suspension of operations of the Kirkuk-Ceyhan pipeline, which connects Iraq to Turkey. The ministry said the pipeline stoppage, which began in March 2014, resulted in an oil export decline of up to 400,000 barrels per day.