FINANCIAL NEWS

Iraq’s crude output surpasses 2.6m bpd

27 Dec 2010

(MENAFN) Abdul-Karim Elaibi, Iraq’s Oil Minister, stated that the country’s daily oil production has accelerated by approximately 100,000 barrels per day (bpd), surpassing 2.6 million bpd, hitting a 20-year high, AP reported.

The newly appointed minister revealed that according to Iraq’s State Oil Marketing Organization (SOMO), the country’s oil exports will exceed 2 million bpd, up from the estimated 1.9 million bpd.

Since the 2003 US-led invasion, Iraq, the holder of the world’s fourth largest oil reserves of 143.1 billion barrels has struggled to reach the level of about 3 million barrels it produced in the late 1980’s before it invaded neighboring Kuwait, explained Elaibi.

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