Iraq has raised its oil output to the highest level for almost a decade, adding another 350,000 barrels a day in the space of six months to reach 2.68m b/d, according to the International Energy Agency.
For years, one of the concerns surrounding world oil supply has been Iraq’s hydrocarbon industry, damaged by decades of war and under-investment. But as the loss of Libyan oil has helped to push the price of a barrel of Brent crude above $125, Iraq has quietly boosted its production by 15 per cent since August.
The level Iraq has now reached – the highest since November 2001 – would probably prove sustainable, said David Fyfe, head of the IEA’s oil industry and markets division.
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