Official: Crude Oil production to be increased on next year

Baghdad (IraqiNews.com) The Deputy Chairman of the Energy and Oil Parliamentary Committee, Ali al-Fayadh, predicted the Iraqi production of cured oil to increase on the beginning of the next 2013 from (3.5) million barrels to (3.75) million barrels per day.

MP Fayadh reported in a statement to IraqiNews.com that ”We are optimistic about increasing the production of the cured oil in order to adjust the needs of Iraq and the global markets,” noting that “The technical possibilities and international experience of the Ministry of Oil contributed in increasing oil production.”

He added that ”Iraq will be the first country in the world in producing Oil,” stressing that ”Iraq can invest this oil through granting licensees and contracting with global companies which are specialized in this sector.”

A report issued by the Organization of Petroleum Exporting Countries [OPEC], on Saturday, confirmed that “Iraq has reached the highest level in producing Oil since 2003.”