Monday, September 19, 2011

Iraq Crude Oil Output Rises to Highest Level Since 2003

Production in August hit 2.81 million barrels per day. Going neck and neck with Kuwait, who has also been frantically ramping up output this year.

With significant revenue growth in the pipeline, the government in Baghdad is already working on a plan to expand next year's budget by more than a third.

You will see September numbers dip slightly when the next output report is released. That's because of the temporary loss of exports from Kurdistan Region, which may have been caused only by a technical problem.

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