Iraq’s oil production exceeded 2.6 million barrels a day for the first time in 20 years, newly appointed Oil Minister Abdul Kareem al-Luaibi said at a press conference in Baghdad.
The rising output will boost Iraq’s oil exports by 5 percent to 2 million barrels a day next month,Falah al-Amri, head of the country’s State Oil Marketing Organization, said today in an interview in Baghdad. The nation sells about 60 percent of supplies to India, China and other Asian countries where demand is increasing, he said
Iraq, holder of the world’s fifth-largest crude reserves, is seeking foreign investors to help boost oil and gas production, which was affected by insurgent attacks and a lack of spending. Oil output hovered around 2.4 million barrels a day since the 2003 U.S.-led attack that ousted the regime of President Saddam Hussein. The government awarded 12 oil and three gas development contracts to since the invasion.
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