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FINANCIAL NEWS
Iraq eyes 4m bpd oil output target in 2014
23 Dec 2012
(MENAFN) Iraq is targeting oil output of 4 million barrels per day (bpd) in 2014, after it surpassed 3.2 million bpd production so far in December, Reuters reported, citing the oil minister.
Oil Minister Abdul Kareem Luaibi said his country plans to increase crude production in 2013 to nearly 3.7 million bpd.
Iraq has become the second largest oil producer in the Organization of Petroleum Exporting Countries (OPEC), after decades of war and sanctions.
Saudi Arabia has pressed for Iraq to join any future rounds of supply curbs that OPEC makes to support prices if energy markets weaken.
But Baghdad has insisted it should first regain the 4 million bpd output capacity it lost during the 1980-88 war with Iran.
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