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FINANCIAL NEWS
Iraq will not meet 2014 oil output target of 4.5m bpd: Official
26 Mar 2013
(MENAFN) Iraqi parliament’s oil and energy committee’s chairman, Adnan Al Janabi, stated that the country will not be able to achieve its target of producing 4.5 million barrels per day (bpd) of oil by 2014, reported Times of Oman.
Al Janabi said that the decline will in part result from bureaucratic obstacles and the absent of an energy law, which won’t be ratified soon due to political disputes.
Meanwhile, Thamir Ghadhban, an adviser to the prime minister, said that the country’s oil shipments in 2013 will average 2.9 million bpd, including those from the semi-autonomous Kurdish region.
It is worth noting that Baghdad plans to invest USD275 billion by 2030 to develop and produce crude.
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