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FinancialNews


  • 22-12-10

    Iraq's oil production reaches 2.5m bpd

    (MENAFN) Iraq's Oil Minister, Abdul Kareem Luaibi, said that the country's oil production has hit 2.5 million barrels per day (bpd), up from 2.4 million bpd, after succeeding in shortening the period of achieving the 10 percent raise from Rumaila and Zubair oilfields in less than a year, Reuters reported. According to the newly appointed minister, the Opec member has struggled to push its output close to the 3 million bpd it saw in the late 1980s before it invaded neighboring Kuwait. Iraq, which sits on some of the world's largest oil reserves, has signed agreement with international oil firms to boost its output capacity to 12 million bpd in seven years, placing it on a par with top oil exporter Saudi Arabia.

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