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Iraqi crude oil production jumped to the highest level in at least 20 years, or more than 3 million barrels a day, said Hussain al-Shahristani, deputy prime minister for energy affairs.
“Iraq’s crude production will rise to 3.4 million barrels a day by the end of next year, and exports will rise to 2.6 million barrels a day, including 175,000 barrels from fields in the northern Kurdish region, next year from a current average of 2.2 million barrels of oil a day,” he said.
Iraq south oilfields to pump 2.75 mbpd by end 2012
(Reuters) - Iraq sees production from its southern oilfields reaching 2.75 million barrels per day (bpd) by the end of the year as the country, expected to be the world's biggest source of new oil supplies over the next few years, pushes to increase output.
Iraq's biggest field Rumaila, operated by BP, is currently producing 1.316 million bpd and is expected to boost output by 250,000 bpd in the second half of this year, Dhiya Jaffar, head of the state-run South Oil Co. said on Friday.
"We expect production from Basra oilfields will increase from 2.15 million barrels per day to 2.75 million barrels per day by the end of this year," he told a news conference in the southern oil-rich city of Basra.
Iraq aims to double its output over the next three years as it recovers after years of sanctions and war. Last month, the country's oil production rose above 3 million bpd for the first time in more than three decades.
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