Iraqi Exports Almost Double

Iraqi oil exports almost doubled to 2.2 million bpd for the week ended April 14, but the price Baghdad got for its oil fell below $20 for the first time since last October, the United Nations said.

There was no clear reason for the sharp rise in the volume of crude oil exports in the U.N.-administered oil-for-food program, a U.N. spokesman said. For the week ended April 8, Iraq exported 1.23 million bpd. The four-week average of oil exports is now 1.52 million bpd.

The price dip is in line with the fall in global oil prices since March when the OPEC cartel agreed to raise its output.