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Iraq’s output average seen to hit 2.9m bpd in 2014

: Thursday, March 06 - 2014 @ 12:57

Iraq is reclaiming its rank as the world’s fastest-growing oil exporter, cushioning consumers from Libyan supply outages for now and, perhaps, reviving Opec market share rivalries down the road, Reuters has reported. With many export bottlenecks now cleared at the southern Basra terminals, from which almost all of Iraq’s crude is shipped, Baghdad is expected to keep up, or even exceed, the rapid pace of oil sales reached in February, at 2.8 million barrels per day (bpd), a 500,000 bpd rise on the previous month. “Iraq is doing its best to export as much as possible and directionally things are improving,” said a senior oil executive from a major oil company at work in Iraq. “We think the average for the year is probably going to be about 2.9 million bpd, so maybe in the latter part of the year there will be a little bit more than that,” said a Western oil executive from another company working in Iraq.

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Thursday, March 6- 2014 @ 12:57 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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