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Iraq has revised its medium-term oil field redevelopment plan, meaning that production will be slightly lower than the previous 12 million barrel a day target, but will maintain its plateau level for 20 years instead of seven, said the country's Deputy Prime Minister for Energy, Hussein al-Shahristani Wednesday.
Iraq expects to be producing between 5 million and 6 million barrels a day of oil by 2015, around double its current level, Shahristani told reporters at the Iraq Refinery conference in London. He declined to give the revised plateau production target, but said the reduction from 12 million barrels a day will only be minor.
Iraq's oil production growth plans should calm oil market fears about the adequacy of future supplies, Shahristani said. There is no data indicating that the Organization of Petroleum Exporting Countries is currently over-producing oil and the global market is in balance, he said.
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Iraq expects to be producing between 5 million and 6 million barrels a day of oil by 2015, around double its current level, Shahristani told reporters at the Iraq Refinery conference in London. He declined to give the revised plateau production target, but said the reduction from 12 million barrels a day will only be minor.
Iraq's oil production growth plans should calm oil market fears about the adequacy of future supplies, Shahristani said. There is no data indicating that the Organization of Petroleum Exporting Countries is currently over-producing oil and the global market is in balance, he said.
Read more: [You must be registered and logged in to see this link.]
