Iraq's Oil Production Hits New High

Iraq's daily oil production rose to 2.5 million barrels, the biggest since 2003, a spokesman for the oil ministry said on Wednesday.

“The daily oil production rose by 10% through cooperation among national and foreign companies,” Essam Jehad told Aswat al-Iraq news agency, pointing out that this is the highest production since 2003.

Iraq’s newly appointed oil minister said the country’s daily oil production has increased by 100,000 barrels a day to 2.5 million barrels a day.

Abdul-Karim al Luaibi said the increase came from two major southern oil fields that are being developed by foreign companies: the Rumaila field, which is being developed by Britain's BP and China's CNPC, and the 4.1 billion barrels Zubair field, which is being developed by Italy's Eni and partners Los Angeles-based Occidental Petroleum Corp and South Korea's KOGAS.

He added that his top priority is to develop Iraq’s dilapidated oil infrastructure and increase export capacity from southern terminals to 4.5 million barrels a day, from the current 1.6 million barrels a day.

The minister’s statement on Wednesday marked his first full day in office.

(Sources: Aswat al-Iraq, Bloomberg)

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