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Iraqi oil production expected to continue to climb

Iraq’s oil production, now on track to reach 3 million b/d by yearend, could reach as high as 4 million b/d by yearend 2012, the country’s deputy oil minister said.

“By the end of next year, I think it could be in the region of 3.5 to 4 million b/d,” said Ahmed Al-Shamma.

For 2011, Iraq is on track to boost production around 400,000 b/d by Dec. 31, which would take production to 3 million b/d.

Shamma also said Iraq has added a fifth refinery project. It will process heavy oil from Qayarah and Najmah, awarded to Angola’s Sonangol in 2009. He estimated the refinery will cost at least $5 billion and will process at least 150,000 b/d.

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