Thursday, 13 June 2013

Iraq's Oil to rival Russia & Saudi

Iraq has announced plans to quickly boost its oil production - allowing it to beat the world's current leading oil producers.
A senior Iraqi official said his country decided to ramp up oil production within 18 months by 30%.
The troubled nation, which still struggles for stability more than a decade after a controversial US-led invasion, hopes to pump 4.5 million barrels per day (mbd) by the end of next year, up from around 3.5 mbd now.
It then plans on increasing output by 157% of current rates by 2020, reaching 9 mbd.
Chairman of the prime minister's advisory commission, Thamir Ghadhban, confirmed the seven-year plan.
An output rate of 9 mbd would let Iraq go head-to-head with the three top producers, Saudia Arabia, Russia and the United States.
Iraq sits atop the world's fourth largest proven reserves of conventional crude, with about 143.1 billion barrels yet to be unlocked.
Oil revenues make up 95% of the country's budget receipts.

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