Iraq Oil Output Now Up to 2.6m bpd

Iraq’s oil minister, Abdul-Karim Elaibi [Luaibi], says the country’s daily crude production has exceeded 2.6 million barrels a day.

The minister says oil production will reach its planned targets “sooner than expected.” Elaibi did not set a date for reaching these new levels in comments to reporters on Monday, although some reports put the target at 3m bpd by the end of 2011.

He also commented that “the rate of $100 per barrel is a fair one for crude oil”.

Iraq has awarded 15 oil and gas contracts since 2008 and plans to reach daily production capacity of 12 million barrels from the current 2.6 million.

Iraq plans to raise exports to 2.25 million barrels a day in 2011, up from 1.9 million at present.

(Sources: Associated Press, Aswat al-Iraq)

One Response to Iraq Oil Output Now Up to 2.6m bpd

  1. […] to 2.5 million barrels per day and again to 2.6 million bpd, the highest level for 20 years. (Read Iraq Oil Output Now up to 2.6m bpd.) This already beats the export target for next year of 2.25 million bpd. With Kurdistan committed […]

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  1. Oil Exports to Increase Again in Days | Iraq Business News - December 28, 2010

    […] to 2.5 million barrels per day and again to 2.6 million bpd, the highest level for 20 years. (Read Iraq Oil Output Now up to 2.6m bpd.) This already beats the export target for next year of 2.25 million bpd. With Kurdistan committed […]