• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 4 hours One Last Warning For The U.S. Shale Patch
  • 9 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 1 day Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 22 hours Modular Nuclear Reactors
  • 1 day Poll: Will Renewables Save the World?
  • 7 hours Climate change's fingerprints are on U.S. Midwest floods
  • 2 days Chile Tests Floating Solar Farm
  • 7 hours Telsa Sales in Europe
  • 6 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 8 hours Read: OPEC THREATENED TO KILL US SHALE
  • 4 hours The Political Debacle: Brexit delayed
  • 2 days China's Expansion: Italy Leads Europe Into China’s Embrace
  • 2 days New Rebate For EVs in Canada

Iraq to Boost Oil Output to 3 Million Barrels a Day by Year End

Addressing an energy conference in the Jordanian capital Amman, Iraqi Oil Minister Abdelkarim al-Luaybi said, "We seek with international companies to produce three million barrels per day (bpd) by the end of 2011, and export 2.5 million bpd s next year. We are implementing a plan that is unprecedented in the history of Iraq's oil industry, multiplying oil and gas production to four times and building gigantic infrastructure and projects to turn Iraq into a key energy source in the world."

Al-Luaybi conference comments will doubtless be closely observed by the 46 foreign oil firms in attendance, NOW Lebanon online journal reported.

Following the 2003 U.S.-led invasion of Iraq, Iraqi oil production slumped dramatically, but eight years later the country currently produces around 2.7 million bpd and Baghdad hopes to increase that figure to 12 million bpd within the next five years, which would place Iraqi production ahead of both Saudi Arabia and the Russian Federation, which currently produce roughly 10 million bpd.

The Iraqi government’s projected increases are regarded as overly optimistic in some quarters, including the International Monetary Fund, which has voiced doubts over whether Iraq’s 2016 target is attainable.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News