Iraqi oil production is expected to increase to 3.1 million barrels per day (bpd) in the year 2002, up from its past two years’ stable output of 2.8 million bpd, the Middle East Economic Survey, MEES recently predicted.
The rise is anticipated in view of recent equipment and spare parts shipments, reaching the country under the United Nation’s (UN) oil-for-food program. These deliveries will enable Iraq to uphold and operate its oil producing fields and restore damaged facilities.
The report stated that Iraq’s inability to increase its capacity back to the 3.5 million bpd production level it sustained prior to 1990, is the result of the UN sanctions committee holding back a number of contracts that are vital for the oil sector.
Under the UN oil-for-food program, Baghdad may export oil through its regimented pipeline to Turkey or its port at Mina Al-Bakr. Oil revenues are then directed solely to buy food and medicine for the Iraqi people. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
