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Tuesday, 12 April 2011

Iraq oil output at highest level for a decade, says IEA

Finanical Times
April 12, 2011

Iraq has raised its oil output to the highest level for almost a decade, adding another 350,000 barrels per day in the space of six months to reach 2.68m b/d, according to the International Energy Agency.

For years, one of the main concerns surrounding world oil supply has been the state of Iraq’s hydrocarbon industry, damaged by decades of war and under-investment. But just as the loss of Libyan output has helped to push the price of a barrel of Brent crude above $125, Iraq has quietly boosted its own production by 15 per cent since last August.
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