Iraq, Nigeria oil output increasing

12/21/2009
After years of losses because of war and revolution, oil production in Iraq and Nigeria is starting to increase. "Although we see the potential for the sharpest near-term gains in Nigeria, Iraq is making significant progress on deals with international oil companies that could double production there over the next 5 years," said Adam Sieminski, chief energy economist, Deutsche Bank AG, Washington, DC."Geologists have long believed that Iraq's reserves could rival those of Saudi Arabia (where production could easily go to 11 million b/d from today's 8.5 million b/d)," Sieminski said. "We believe Iraq could be producing 2.5 million b/d in 2010, but it could be more ...
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