Iraqi Oil Export to Resume 'Within 3 Weeks'

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Last updated at: (Beijing Time) Sunday, May 25, 2003

Iraqi Oil Export to Resume 'Within 3 Weeks'

Iraq's oil export was expected to resume "within three weeks" and crude production would double in a few weeks, the acting Iraqi oil minister said on Saturday.

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Iraq's oil export was expected to resume "within three weeks" and crude production would double in a few weeks, the acting Iraqi oil minister said on Saturday.

"Within three weeks we will be exporting," Thamer al-Ghadhban told reporters at a press conference in Baghdad.

"We hope in two weeks time we will be in the market," he added.

The current daily production of oil in Iraq was 700,000 barrels and Ghadhban predicted the figure would double in a few weeks.

"It is a matter of a few weeks, and we can reach 1.3 or 1.5 million barrels a day," Ghadhban said.

But that would be only half of the prewar production, which was about 3 million barrels a day.

The UN Security Council on Thursday adopted a resolution to lift the crippling 13-year-old sanctions imposed on the country and phase out the UN-run oil-for-food program over a six-month period.

The Security Council resolution hands the US-British occupying authority the power to help establish a new Iraqi government and control the use of the nation's oil revenues.

The United States has said it wants to use oil profits to fund the country's reconstruction.

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