Iraq Lowers Oil Production Target

- October 10th, 2012

CNBC reported that Iraq has abandoned its plan to more than triple its oil production by 2017, but Hussain al-Shahristani, the country’s deputy prime minister on energy, still believes Iraq could produce 9 million to 10 million barrels of oil per day by 2020. It currently pumps about 3.4 million barrels per day.

CNBC reported that Iraq has abandoned its plan to more than triple its oil production by 2017, but Hussain al-Shahristani, the country’s deputy prime minister on energy, still believes Iraq could produce 9 million to 10 million barrels of oil per day by 2020. It currently pumps about 3.4 million barrels per day.

As quoted in the market news:

Iraq had previously been targeting production capacity of 12 million barrels per day by 2017. Many experts consider that target unrealistic.

The Paris-based IEA issued Tuesday a mid-range forecast envisioning oil production of 6.1 million barrels a day by 2020 and 8.3 million barrels a day by 2035.

Click here to read the full CNBC report.

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