Iraq boosts southern oil production to 2.1 million barrels daily

Iraq has increased crude oil production from its southern oilfields to approximately 2.1 million barrels per day, according to two Iraqi officials on Tuesday. The increase marks a significant step in the country’s efforts to ramp up energy exports and boost government revenues from its vast petroleum reserves.

According to the officials, additional tankers are now queuing at Iraq’s export terminals in the Persian Gulf, awaiting loading of crude oil. This backlog of vessels suggests strong international demand for Iraqi crude and indicates the country is moving to meet that demand by expanding production capacity in the resource-rich southern regions.

Iraq, which sits on the world’s fifth-largest proven oil reserves, has faced considerable challenges in recent years maintaining and increasing output due to ageing infrastructure, security concerns, and political instability. The latest production increase represents a recovery trajectory for the sector, which is crucial to Iraq’s economy and government budget, with oil revenues accounting for the vast majority of state income.

Source: Walla News — Original article in Hebrew.