Iraq oil production seen gaining momentum

Dubai: Iraq’s crude oil production is expected to rise to 4.5 million barrels a day by the end of next year, a senior Iraqi oil official said Monday.

Thamir Ghadhban, the Iraqi prime minister’s top energy adviser, said at a conference in Dubai that Iraq is considering three scenarios for increasing crude oil production that will be debated in Parliament next month.

Of these, the “medium scenario” would raise Iraq’s production to 9 million barrels a day by the end of 2020 from around 3.3 million barrels a day at present, while the “high scenario” would boost production to 13 million barrels per day.

“If we choose to go for medium or high scenarios, by the end of 2014, Iraq’s production will be in excess of 4.5 million barrels a day,” he said.

This medium scenario is seen as the most realistic, according to oil officials from Iraq, which is a member of the Organization of the Petroleum Exporting Countries.