Turkey, Iraq to renew petroleum exchange

Iraq and Turkey have agreed to renew petroleum exchange halted 5 years ago at the First International Energy Conference in Erbil, Business Georgia reports.

Iraq will export oil to Turkey in exchange for petroleum.

Iraq increased oil export to 2.508 million barrels daily in April, a record since 1989. Iraq had 115 billion barrels of oil, according to BP data of early 2011, making it the third largest petroleum state of OPEC, after Saudi Arabia and Iran.

The main oil fields are in Rumeila, Zubair, Nahr, Umr, Mainun and Western Kurna. Iraq exports 80% of oil extracted.