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FINANCIAL NEWS
Iraq oil exports to surpass 2.4m bpd in April
26 Apr 2012
(MENAFN) Iraq’s oil minister, Abdul-Kareem Luaibi, stated that during the current month, the country’s oil exports are forecasted to exceed 2.4 million barrels per day (bpd), reported Arab News.
The minister added that next year, Iraq would boost its oil exports to 2.9 million bpd.
He also said that during the coming few years, the country will be projected to become the main source of new oil supplies in the world, as the government inked several contracts with big oil firms to develop key projects.
It is worth noting that years of war and sanctions have hampered Iraq’s oil output, however, production is forecasted to grow quickly as southern oilfields will produce 2.75 million bpd of oil by the end of 2012.
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