leftmenu2
|
|
February 21, 2004
The Honorable Ted Stevens
Chairman, Committee on Appropriations
United States Senate
Room S-128, The Capitol
Washington, D.C. 20510
Re: Jan. 2004 Oil Report
Dear Mr. Chairman:
In accordance with Section 2215 of the Fiscal Year 2004 Emergency Supplemental
Appropriations Act (Public Law 108-106), I submit the following report regarding
Iraqi crude oil production, oil revenues, and the use of those revenues for the
month of January 2004.
Iraqi crude oil production for January was 66.3 million barrels. Of this 18.7
million barrels went to domestic production and 47.6 million barrels were sold
for export of an aggregate revenue totaling $1.3 billion. Average price per
barrel was between $26 and $27. The average production per day was 2.14 million
barrels, which exceeded the target of 2.0 million barrels per day. Crude oil
production comes from two major areas, the southern oil fields near Basra and
the northern oil fields near Kirkuk, with the majority of production occurring
in the south. Because the Iraq-Turkey Pipeline remains closed, currently no
crude oil is exported through the Turkish port of Ceyhan, and all exports go
through Al-Basra Oil Terminal (ABOT). Iraqi oil revenues are limited by
production capability and export capacity.
Export revenues for the month of January were $1.3 billion. Five percent of
Iraqi oil revenue is allocated to Kuwaiti war reparations, which totaled $61.1
million. The remaining 95 percent is deposited in the Development Fund for Iraq
(DFI), which receives deposits from multiple funding sources and is used to
support and finance the Iraqi Government’s budget. Total oil revenues deposited
into the DFI for the month of January were $1.2 billion. To date, disbursements
from the DFI have been in support of the wheat purchase program, currency
exchange program, electricity and oil infrastructure programs, Iraqi security
forces equipment, Iraqi civil service salaries, and ministry budget operations.
I trust you will find this information helpful. I have provided an identical
letter to the Chairman and Ranking Member of the House Appropriations Committee.
We will update this report each month as required by the Act. In the meantime,
please do not hesitate to contact me if I can be of further assistance to you on
this matter.
Enclosure:
As stated
CC: The Honorable Robert C. Byrd
Ranking Member
|