More Barrels From Babylon

13 Feb 2015: Iraqi Production and Exports Near Historic Highs. In the context of oil production growth, the US is the country that is often mentioned as the fastest growing non-OPEC producer. Within the group of OPEC countries, Iraq is the star performer with rapidly growing production. The International Energy Agency (IEA) estimates that in 2014, Iraq’s oil production averaged 3.33 Million Barrel per day, the highest production since 1979, and a 7.5% increase over 2013. Iraq is now the second largest crude oil producer in OPEC. Exports increased by 3.8% in 2014 to reach 2.5 Mb/d. Considering the geopolitical turmoil in the region, this is an impressive achievement and the country has ambitious future growth targets. Download here