Iraq aims to more than double its oil output by 2015, which will place it in second place among OPEC producers, ahead of Iran. It is targeting production of 3.4 million barrels per day this year and more than 4 million barrels per day in 2013. Also, exports are expected to increase to 2.9 million barrels in 2013 from a current level of 2.5 million barrels. Iraq is currently producing oil at the highest rate since 1979, supported by foreign investors such as Exxon Mobil and BP that are developing new fields.
The country produced 3.03 million barrels a day in April 2012, 7.7% higher than in March; while Iranian production declined to 3.2 million barrels per day during the same month. Iraq holds the world’s fifth-largest oil crude reserves.
Source: Bloomberg – Byblos Bank Research