Iraq Pumps Crude at Record Level Amid Plummeting Prices

Ali Mohammed/Anadolu Agency/Getty Images

Iraqi Minister of Oil Adil Abdul-Mahdi, right, and Turkey's Minister of Energy and Natural Resources, Taner Yildiz shake hand after a press conference following a meeting at the office of Abdul-Mahdi in Baghdad, on Jan. 18.

Mon, Jan 19, 2015

by Kadhim Ajrash and Khalid Al-Ansary

Iraq is pumping crude at a record pace and will continue to boost exports this year amid a supply glut that’s pushed prices down, Oil Minister Adel Abdul Mahdi said.

“The average for Iraqi crude output is 4 million barrels a day, which is a historical record,” Abdul Mahdi said at a news conference after meeting his Turkish counterpart, Taner Yildiz, in Baghdad. Exports from Iraq will rise to 3.3 million barrels a day this year, boosted by oil from the Kurdish region, Abdul Mahdi said.

The Middle East nation, holder of the world’s fifth-largest crude reserves, is rebuilding its energy industry after decades of wars and economic sanctions. The central government reached an accord last month with the Kurds to allow increased oil exports through Turkey.

To read the full piece from Bloomberg, click here.