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FINANCIAL NEWS
Iraq plans to increase oil output to 3m bpd by year-end
04 Oct 2011
(MENAFN) Iraq’s Oil Ministry spokesman, Asim Jihad, said that by the end of 2011, the country’s oil output would increase to reach 3 million barrels per day (bpd) from the current 2.9 million bpd, reported Reuters.
Jihad added that last month, the country’s oil exports reached 2.101 million bpd, furthermore, starting 2012, Iraq would boost its crude exports to 2.5 million bpd, as a result of launching a new oil export terminal in the Gulf.
He also said that Iraq inked several deals with major oil companies in order to increase output capacity to 12 million bpd by 2017, nevertheless, a target of 8 million bpd to 8.5 million bpd would be more convenient with the period extend to 13 or 14 years.
It is worth noting that Iraq plans to overcome the restrictions on crude export infrastructure in order to accomplish its plans to utilize its oil reserves.
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