FINANCIAL NEWS

Iraq’s oil output surpasses 3m bpd

08 Mar 2012

(MENAFN) Iraq’s Deputy Prime Minister, Hussain Al Shahristani, said that for the first time in more than 3 decades, the country’s oil output has exceeded 3 million barrels per day (bpd), reported Gulf News.

Al Shahristani added that over the coming 3 years, Iraq would boost its oil output to the double, with a long-term goal of 12 million bpd.

On the other hand, he said that in February, the country officially announced the launch of its new export outlet, adding that the Single Point Mooring (SPM) facility off the southern coast would boost Iraq’s exports by 300,000 bpd.

It is worth noting that according to OPEC, in February, Iraq’s oil production averaged only 2.68 million bpd.

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