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March 15, 2012

Iraq and Libya Oil Production is up

Business Week - Libyan production rose to 1.3 million barrels a day last month, up 150,000 barrels from the previous month, according to IEA estimates. The country’s output is about 300,000 barrels less than its average before the uprising against Muammar Qaddafi last year.

Saudi will probably produce 9.8 million barrels a day this month, roughly matching last month’s level, a person with knowledge of the kingdom’s oil policy said today. According to OPEC’s monthly report, Saudi output fell to 9.66 million barrels a day in February.

Gulf News - Iraq's oil production has risen above 3 million barrels per day for the first time in more than three decades, it announced March 5, and said it will sharply increase exports when a major new floating oil terminal began operations on March 8.

Iraq aims to double its oil output over the next three years and has a long-term goal of 12 million bpd. Although that target may be out of reach, Iraq is still expected to be the world's biggest source of new oil supplies over the next few years.




Business Week - Russia's Lukoil aims to invest $150 billion and increased production from 2.14 million barrels per day to 3.2 million barrels per day in 2021

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