By Patrick M Schmidt.
Despite the ongoing violence in the north of Iraq, the southern half of the country has remained relatively peaceful over the past few months, especially in the southern city of Basra. Crude output for southern oilfields remains at about 3.15 million barrels of oil per day.
The Iraqi government estimates that the long-term export amount will be approximately 8.4 million barrels of oil per day. This figure was scaled back from 12 million barrels of oil per day by 2020 due to technical and infrastructure issues.
Due to current security issues, it is not expected that Iraq will reach its short-term output goal of 3.7 million barrels per day. Instead, experts believe the figure will be closer to 3.4 million barrels.
The withdrawal of oilfield personal by foreign companies due to security concerns has not impacted oil production. However, it is not expected that major pipeline projects will be completed this year.