Iraq Oil Output Over 3m bpd for First Time in Decades

Iraq's oil production has risen above 3 million barrels per day for the first time in more than three decades, according to Reuters.

"While I am talking to you today, the Iraqi oil production has exceeded 3 million barrels per day," Deputy Prime Minister Hussain Al Shahristani told a conference in Baghdad on Tuesday.

"Loading crude from the first floating oil terminal will start during the next three days."

His figures, if sustained, would signal a major increase in Iraqi output. Oil Minister Abdul Kareem Luaibi [Elaibi] called it the highest figure since 1979.

Iraq's production averaged just 2.68 million bpd last month, according to OPEC. Average daily output has often been held back by a lack of export infrastructure to load oil onto ships.

The new single-point mooring (SPM) facility would allow Iraq to increase its exports by 300,000 bpd. Iraq's exports were just 2.014 million bpd in February, down from 2.106 million bpd in January, according to Reuters, with officials blaming weather in the Gulf.

(Source: Reuters)