Iraq Plans Big Increase in Oil Exports

By John Lee.

Iraq is planning to boost crude exports by about 26 percent, according to a report from Bloomberg.

Shipping schedules suggest exports of a record 3.75 million bpd in June.

Deputy Oil Minister Fayyad al-Nimaa said recently that export capacity is currently capped at 3.1 million bpd.

Commenting in Forbes, petroleum economist Michael Lynch said:

"Quite possibly, Iraq will not meet next month’s target for shipments, but it is likely to see continuing and robust increases in its production capacity.

"At the least, Iraq’s increased production will mean that there is little or no room for other OPEC members to increase their sales over the next few years, and at most, it will be necessary for someone to cut their exports."

(Sources: Bloomberg, Forbes)

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