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March 25, 2010

Iraq Oil Exports Increase 115,000 barrels per day in Feb 2010 and Will Announce Reserve Increase

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The UK Times Online reports - Iraqi oil exports in February were at their highest for two decades, at an average of 2.08 million barrels per day, and the country plans to lift that to 2.15 million for the rest of the year.

According to the International Energy Agency, oil output from the country’s ageing infrastructure rose by 115,000 barrels per day to 2.54 million — the biggest single contributor last month to world oil supply growth.

Iraq has the potential to double or even triple its production [over the next few years]. “If [Iraq] enjoys a period of stability, it could have a major destabilising effect on Opec and the oil price.”



Bloomberg reports that Iraq will soon announce an increase in its oil reserves and start exporting oil about 100,000 barrels per day from the Tawke oilfield in Kurdistan.

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