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FINANCIAL NEWS
Iraq crude output likely to hit 3m bpd by year-end
28 Nov 2011
(MENAFN) Iraq’s Oil Minister, Abdul-Kareem Luaibi, said that by the end of the current year, the country’s oil output would be expected to reach 3 million barrels per day (bpd), reported Arab News.
Luaibi added that so far this year, Iraq’s crude output reached 2.95 million bpd, whereas the country planned to boost oil output capacity to reach 12 million bpd by 2017.
On the other hand, Iraq’s State Oil Marketing Organization’s director, Falah Alamri, said that in November, the country’s exports of crude oil averaged 2.185 million bpd, however, Kurdish exports declined in late September, after reaching 160,000 bpd in the previous month.
It is worth noting that Iraq’s oil exports last month averaged 2.088 million bpd compared with 2.101 million in September.
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