Iraq’s oil production has exceeded 2.7 million barrels a day. Just last week it passed 2.6 million barrels of oil per day. Iraq’s oil exports also continue to rise and are expected to exceed two million barrels per day by the end of January from 1.95 million barrels shipped abroad last month.
The increases were due both to improved Iraqi efforts and investments by international companies that have signed contracts to develop Iraqi fields.
Oil output hovered at around 2.4 million barrels a day after the U.S.-led invasion of 2003. The government has awarded 12 licenses for oil developments and three for gas, and oil ministry experts will hold meetings “within days” to prepare a preliminary draft for contracts to be auctioned in a fourth licensing round
On Dec 20, 2010, the announcement was made that Iraq oil production would increase to 2.75 million barrels per day which was a 400,000 barrel per day increase.
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