Iraq Lowers Oil Production Target

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.