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Monday, March 2, 2009

Iraq plan uptick in oil production in 2009

BAGHDAD Ñ Iraq' goals call for an increase in production to at least 2.7 million barrels of oil per day in 2009.   

Iraqi Oil Minister Hussein Al Shahristani said Baghdad plans to increase oil production by more than 300,000 barrels by 2010.

At a Feb. 27 conference in Baghdad, Al Shahristani said that despite the sharp drop in oil prices, Iraq sought to accelerate energy development and production efforts.

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"In this meeting, an accelerated plan will be discussed to raise crude production by more than 300,000 barrels per day during this year and the coming year," Al Shahristani said.

Over the last year, Iraq has significantly increased crude oil production. In May 2008, Iraq, which averages 2.4 million barrels per day in production, reached exports of two million barrels per day.

Since then, exports have dropped to about 1.8 million barrels per day.



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