The Iraqi production at its highest level since 33 years

Iraqi Oil Minister Abdul Karim Al Loaibi confirmed that the Iraqi oil production is at its highest level since 1979, while the Deputy Prime Minister Hussain Al-Shahristani announced that the production exceeds 3 million barrels per day. It is worth mentioning that Iraq was producing 2.9 million oil barrels since long ago of which more than 2 million barrels were exported. According to the figures of the Ministry of Oil, Iraq has achieved $83 billion from its oil exports in 2011, i.e. a 60% increase from the revenues of 2010.

 

Oil revenues constitute 94% of the country’s revenues. The ministry signed contracts with foreign companies to develop ten fields, hoping that the production will reach about 12 million barrels per day within 6 years.

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