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Iraq outstrips Iran in oil production

Oil&Gas Materials 13 August 2012 11:59 (UTC +04:00)
Last month, Iraq outstripped Iran for oil production, ranking second after Saudi Arabia in the Organization of the Petroleum Exporting Countries (OPEC), an official representative of the Iraqi Oil Ministry, Asym Jihad told Trend on Monday.

Azerbaijan, Baku, Aug.13 / Trend, A.Taghiyeva /

Last month, Iraq outstripped Iran for oil production, ranking second after Saudi Arabia in the Organization of the Petroleum Exporting Countries (OPEC), an official representative of the Iraqi Oil Ministry, Asym Jihad told Trend on Monday.

In July 2012 oil production in Iraq hit 3.1 million barrels per day. Thus, Iraq outstripped Iran in terms of oil production for the first time since 1980.

Jihad also said that Iraq intends to increase oil production up to 3.4 million barrels per day by late 2012.

"These expectations [on increasing oil production], are primarily associated with a tender previously held in the country to develop oil fields," Jihad said.

Iraq increased oil exports to 2.516 million barrels per day in July 2012 compared to 2.403 million barrels per day in June.

According to BP, Iraq's proven oil reserves amounted to 143.1 billion barrels as of late 2011. The country ranks third in OPEC after Saudi Arabia and Iran.

According to BP, oil production in Iraq amounted to 2.798 million barrels per day in late 2011.

The major oil fields of Iraq are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in the south of the country. About 80 per cent of oil extracted in Iraq, is exported.

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