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June 5, 2012       Share:    

Source: https://www.google.com/search?hl=en&gl=us&tbm=nws&q=%22Oil+Output+Soars+as+Iraq+Retools%2C+Easing+Shaky+Markets%22&oq=%22Oil+Output+Soars+as+Iraq+Retools%2C+Easing+Shaky+Markets%22&aq=f&aqi=d2&aql=&gs_l=news-cc.12..43j43i400.624.2617.0.4597.3.2.0.1.0.0.169.313.0j2.2.0...0.0.ITz5uFT0eiQ

Oil Output Soars as Iraq Retools, Easing Shaky Markets

(New York Times) - Tim Arango and Clifford Krauss - Iraq's crude oil production is soaring, with a 20% jump in exports this year to nearly 2.5 million barrels of oil a day, making Iraq one of the premier producers in OPEC for the first time in decades. Energy analysts say that the Iraqi boom - coupled with increased production in Saudi Arabia and the near total recovery of Libya's oil industry - should cushion oil markets from price spikes and give the international community additional leverage over Iran when new sanctions take effect in July.

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