Iraqi oil production attains 20 year peak

Reuters, Monday 27 Dec 2010

Iraqi oil production reached 2.6 million barrels per day, the highest level in the last 20 years

Iraq 1
Iraq is targeting to produce 12 million barrels per day in the next 6 or 7 years. (Photo: Reuters)

 

The current production of crude oil in Iraq exceeded 2.6 million barrels per day, the first time in the last 20 years, said the new Iraqi minister of petrol, Abdul Karim Al-Luaibi on Monday.

Iraq has set a target to increase its production to 3 million barrels per day by the end of 2011, said Al-Luaibi last Saturday.

We are working on augmenting our production capacity to reach 12 million barrels per day in the next 6 or 7 years, added the new minister who was appointed last week.

Some analysts consider production of 6 to 7 million barrels per day a more realistic target.

Last year production reached 2.5 million barrels per day but it has declined during the last few months.  

Though Iraq is one of the largest oil reserves in the world, it is facing a lot of difficulties to increase its production capacity.

In the 1980s, before the invasion of Kuwait, Iraqi crude oil production was 3 million barrels per day.

The development of oil fields and export pipelines has been delayed due to the unstable political situation.


 

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