Iraq’s Ambitious Plan to Boost Oil Output

The Iraqi oil minister said his office is planning to raise oil production volume to 6.5 million barrels per day (bpd) over the next four years.

Abdul-Kareem Lueibi [Luaibi, Elaibi] told a press conference that the ministry expects to raise the volume to 2.75m bpd in 2011, 3.3m in 2012, 4.5m in 2013, and 6.5 in 2014.

In the former cabinet the ministry anticipated it could raise the level to 12m bpd in five years. However, some observers believe the maximum limit at 7m bpd.

The plan is expected be submitted to the cabinet in Baghdad for approval in a few days.

(Sources: AKnews, Wall Street Journal)

2 Responses to Iraq’s Ambitious Plan to Boost Oil Output

  1. Re da Caste March 25, 2011 at 9:07 am #

    A piece of advice to the oil minister: secure the oil companies get paid for the oil they export before planning for boosting the oil output!!
    Investors are getting tired with this situation

  2. […] Oil Minister Abdul Kareem al-Luaibi [Elaibi] announced a plan last week to increase crude production in Iraq from 2.6 million barrels per day to nearly 6.5 million bpd by […]

Trackbacks/Pingbacks

  1. ExxonMobil Hits Target at West Qurna | Iraq Business News - March 28, 2011

    […] Oil Minister Abdul Kareem al-Luaibi [Elaibi] announced a plan last week to increase crude production in Iraq from 2.6 million barrels per day to nearly 6.5 million bpd by […]