Iraq Says 2012 Oil Output to Reach 3.4 Million Barrels a Day and USA, Canada, Brazil, Kazakhstan and China will Lead non-Opec Oil Increase through 2013

1. Business Week – Iraq, the third-largest oil producer in OPEC, will boost output capacity this year to 3.4 million barrels a day and export capacity to 2.6 million barrels, Oil Minister Abdul Kareem al-Luaibi said.

Iraq oil output jumped in December to more than 3 million barrels a day, the highest level for at least 20 years, and exports rose last month to 2.2 million barrels a day

The first of four single-point mooring facilities planned off Iraq’s southern coast will begin operating next week, Luaibi said. Each of them will add 850,000 barrels a day in capacity for exports of crude. The second mooring unit will be in place within six months, the third by the end of 2012 and the fourth in 2013, Shahristani said.

2. Eurasia Review – Short-Term Outlook For Non-OPEC Oil Production Growth

The U.S. Energy Information Administration’s (EIA) January Short-Term Energy Outlook (STEO) forecasts non-OPEC crude and liquid fuels production to grow by 0.9 million barrels per day (bbl/d) in 2012, followed by growth of 0.8 million bbl/d in 2013.

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