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Iraq's increasing oil production eases unsteady markets
05/06/2012 16:15
ERBIL, June 5 (AKnews) - Iraq's oil production boom provides for the nation's future and eases the shaky global oil markets despite uncertainties and political and security deterioration in the country, reports the New York Times.
Iraq has been exporting roughly 2.5 million barrels of oil a day this year, which is a 20 percent jump on exports in comparison to last year.
Foreign investors confirmed they are staying in Iraq despite bombings and political uncertainties.
Claudio Descalzi, chief operating officer at Italian oil giant ENI, told the New York Times: "We're in Iraq because we think there's big potential and huge production growth."
The US and European countries will tighten sanctions on Iranian exports in July. Iraq's oil production however is set to increase.
Former state department coordinator for international energy affairs in the Obama administration David Goldwyn said: “Iraq helps enormously. Even if Iraq increased its oil exports by only half of what it is projecting by next year, you would be replacing nearly half of the future Iranian supply potentially displaced by tighter sanctions.”
Some 95 percent of Iraq’s revenues come from oil sales.
By Hemn Hadi
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