Sunday, January 18, 2015

Iraqi Oil Production at Record Level

Iraq is pumping crude at a record level and will continue to boost exports this year amid a global market glut that has pushed prices down.

“The average for Iraqi crude output is 4 million barrels a day, which is a historical record,” said Iraqi Oil Minister Adel Abu Mahdi at a news conference on Sunday after meeting his Turkish counterpart, Taner Yildiz, in Baghdad.

Iraq also plans to boost crude exports to 3.3 million barrels a day this year, including oil exports from Kurdistan. Today, Iraq and Turkey agreed to boost Iraqi crude exports from the north via Turkish port of Ceyhan to 375,000 barrels a day in the coming months, and to as much as 600,000 barrels a day by April, the Iraqi oil minister said. Iraq exported 2.94 million barrels daily in December 2014, the most ever for the country.

File photo: Getty Images

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