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Iraq sees oil output rising to 6.5 mln bpd by 2014
Iraq expects its oil output to more than double to 6.5 million barrels per day by 2014, Oil Minister Abdul-Kareem Luaibi.
March 22, 2011 3:45 by Reuters
Iraq expects its oil output to more than double to 6.5 million barrels per day by 2014, Oil Minister Abdul-Kareem Luaibi said on Tuesday.
Luaibi told a Baghdad news conference that Iraq forecast output of 2.75 million bpd this year, rising to 3.3 million bpd in 2012, 4.5 million bpd in 2013 and 6.5 million bpd in 2014.
Iraq has opened its oil industry to international investment in hopes of producing a rapid rise in output that has so far risen only marginally since the overthrow of dictator Saddam Hussein in 2013 and the lifting of international sanctions.
(Reporting by Ahmed Rasheed; Writing by Peter Graff)