Iraqi Oil Production Setting Record

Iraqi Oil Production Setting Record

Iraqi oil production grew at a faster rate than any country apart from the United States, according to analysis from the US Energy Information Administration.
"Despite some supply disruptions and security threats, Iraq was the second-leading contributor to global oil supply growth in 2014, behind only the United States," EIA said in a Monday brief cited by UPI.
Several energy companies operating in northern Iraq pulled their staff out of the region last year amid growing threats from the terrorist group calling itself the Islamic State.
EIA said that, despite the threat, total crude oil production in Iraq rose nearly 10 percent from 2013 to average almost 3.4 million barrels per day, which represents about 60 percent of the production growth from members of the Organization of Petroleum Exporting Countries last year.
At the height of its campaign, the Islamic State controlled as many as seven oil fields and was said to be generating as much as $2 million per day in oil revenue.
Though the terrorist group seized some refinery and production facilities in northern Iraq last year, the oil-rich Kurdish region and southern production facilities were spared from much of the violence.
Analysis from consultant group IHS last year found the Islamic State insurgency wasn't having much of an impact on the overall oil sector in Iraq. EIA said Iraqi oil production dropped in mid-summer, but rebounded from August because of expansions in infrastructure and improved security.
In December, Iraq's crude oil production reached 3.75 million bpd, the highest amount on record, EIA's analysis found.


Short URL : http://goo.gl/8igqQs

You can also read ...

Britain, South Korea in Talks to Safeguard Crude Trade
Britain and South Korea are in talks to protect an arrangement...
Laying the 290km gas pipeline needs an investment of €245 million ($300 million) and will be completed by March 2020.
Iran’s defense and oil ministries signed a contract on Monday...
South Pars Phase 14 platform
The first offshore platform of South Pars Gas Field's Phase 14...
Brent, WTI Prices Dip as US Rig Count Increases
Oil prices dipped on Monday as a rising US rig count implied...
Egypt Eyes $10b in Hydrocarbon FDI
Egypt aims to attract foreign investments in the oil and gas...
OPEC, Non-OPEC Conformity Hits 149%
The Organization of Petroleum Exporting Countries and...
NIDC Outlines Plan for Expanding Operations
Bidding in international tenders, expanding foothold in...