Iraq Crude Production Overtakes Iran

By John Lee.

Iraq’s crude oil production overtook Iran’s last month for the first time since 1988, when the countries ended their eight-year war, reports Bloomberg.

Iraq pumped 2.984 million barrels a day in June, versus 2.963 million bpd for Iraq, OPEC said today in its Monthly Oil Market Report.

Production from Iran fell ahead of sanctions from the EU that started on 1st July 1, while Iraq is steadily increasing output.

OPEC’s 12 members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

(Source: Bloomberg)

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