Iraq oil production to rise 28% in 2012

Iraq is on its way to raise crude oil production by more than a quarter this year. Iraq is currently the third largest producer of oil in the Organization of Petroleum Exporting Countries.

Iraqi oil ministry spokesman Assem Jihad was quoted by the local Iraqiya news that the country plans to produce 3.4 million barrels per day (mbpd) in 2012, a 28% increase over Platts’ reported Iraqi production of near 2.650 mbpd in 2011.

The country is also planning to export 2.6 mbpd oil in the current year. Iraq’s oil exports had averaged 2.165 mbpd in 2011, earning the country a revenue of around $83 billion.

On the long term growth agenda, Jihad said that “Iraq is on its way to reaching production capacity of 12 million barrels of crude oil a day but will not necessarily produce these quantities”