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June 5, 2012       Share:    

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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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