Iraq expects oil production to rise by 16.6%, or 500.000 b/d to 3.5 million b/d on average by end-2013 as production at several oilfields increase. Iraqi oil export proceeds reached $61bn in the first eight months of 2013 relative to $94bn in 2012.
Iraq is projected to expand its oil export capacity by offering easier payment terms, and by countering infrastructure and security issues. In parallel, China is projected to raise its purchases of Iraqi oil by 75% to 850.000 b/d in 2014. Iraq is the second-largest crude oil producer among OPEC countries.
Reuters, Byblos Research