Iraq's oil production is rising, but political problems remain
Iraqi oil production is rising, offering hope to the global market. But until the country resolves its political and logistical problems that optimism may prove misplaced
At 3 million barrels a day (b/d), Iraq’s oil production has reached a level not seen since before the start of the Iran-Iraq war three decades ago. It’s an achievement in a country that has been bedevilled by war, violence and political risk. And it isn’t the only one. Three new oil-loading buoys, or single-point moorings (SPMs), will come on line in the next year, expanding Iraq’s export capacity off its tiny Gulf coastline from 1.8 million b/d now to 4.5 million b/d, and perhaps more later. The first is complete and ready to begin loading tankers. Leighton Offshore, the Australian firm contracted to build the SPMs, says its work is “the most important strategic project in the ministry of o
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