Iraq to increase of oil output
Iraq, Economics, 6/23/2008

Iraq is to massively hike its oil production capacities to around four million barrels per day in the mid-term future, a leading oil advisor of Iraqi Prime Minister Nouri al-Maliki was quoted as saying in the press on Saturday.

Talking to the Hamburg-based weekly Der Spiegel news magazine, Thamer al-Ghadban said Iraq had the oil reserves to increase its oil output to four million bpd to meet global demand.

For the first time since the fall of the Saddam Hussein regime in 2003, Iraq is now producing 2.5 million bpd on a regular basis despite numerous lingering problems like the security situation, oil smuggling and the lack of a much-needed oil legislation, Ghadban pointed out.

The Iraqi official dismissed criticism that the new oil law would primarily benefit US oil companies.

Earlier this week, Iraq's oil ministry announced it was on the verge of signing oil service deals with several major Western oil companies in a bid to boost its output capacity.

The New York Times reported Thursday that Shell, BP and Exxon Mobil, plus Total, were the four major companies close to signing deals, along with Chevron and some smaller companies.

Previous Stories:
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  US: Reconstruction teams work to improve lives in Iraq   (9/5/2007)
  Iran has a tiny slice in Iraq's lucractive market - businessman   (9/5/2007)

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