Iraq Oil Industry Experiences New Boom

(Washington Post) Ben Van Heuvelen - In April, Iraq exported more crude than it has in any month since it invaded Kuwait in 1990 - 2.5 million barrels of oil per day - a one-fifth increase since the beginning of the year. This could help offset the loss of oil supplies from Iran. Analysts at the U.S. Embassy in Baghdad say Iraq will add 500,000 barrels per day of production this year, equal to about one-quarter of Iran's current exports. "Over the next five to seven years, Iraq could be supplying nearly half of the incremental growth in world oil demand," said Larry Goldstein, director of the nonprofit Energy Policy Research Foundation. Security gains have helped the oil sector. A strategic pipeline to Turkey was once unusable because it was bombed so often; for the past few years, it has carried about 20% of the country's exports.

2012-05-09 00:00:00

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