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FINANCIAL NEWS
Iraq’s crude exports to reach 6m bpd in 5 years: Minister
16 Sep 2012
(MENAFN) Iraq’s oil exports are expected to reach six million barrels per day (bpd) by 2017, as its oil industry slowly recovers from years of war and sanctions, Reuters reported.
Oil Minister Abdul-Kareem Luaibi estimated oil exports to hit 2.9 million bpd in 2013 and 3.5 million bpd in 2014 and 3.75 million bpd in 2015.
Iraq, an Opec member, reached 3.2 million bpd of crude oil output, while exports averaged 2.6 million bpd, according to the minister.
Iraq seeks to become one of the world’s largest oil exporters, as it rebuilds its industry after signing major contracts for its southern oilfields with foreign companies.
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