Iraq vows to boost oil production to 3 million barrels per day

Baghdad - The Iraqi Ministry of Oil said Wednesday that the oil-rich nation will boost its production of crude to 3 million barrels per day (bpd) before the end of 2011, up from the current rate of 2.1 million bpd.
Head of licensing and contracts for the ministry, Abdul-Mehdi al- Amidi, told reporters that "the productive capacities of crude oil from the northern and southern oil fields will exceed 3 million barrels per day before the end of the year."He said there is evidence that Iraq is reaching closer to producing 2.7 million bpd and could even exceed 3 million bpd by the end of the year.Iraq announced last year that it has around 143 billion barrels of crude oil reserves, about 24 per cent more than previous estimates.The reserves are mostly located in 66 oil fields in southern Iraq, according to the Ministry of Oil.The Iraqi oil marketing company Sumo said more than 60 per cent of Iraq's current oil exports from southern fields are sold to Asian markets.Iraq has the world's fourth largest crude oil reserves, behind Saudi Arabia, Venezuela, and Canada.
Posted by Earth Times Staff


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