Iraq is working to have an oil output of 12 million barrels per day.
Iraq is expected to increase crude oil production by 28% this year. Oil Ministry spokesman Assem Jihad says that Iraq plans to produce 3.4 million barrels per day (mbpd) in 2012, a 28% increase from 2011.
Iraq's oil production was 2.650 million barrels per day in 2011.
Iraq is also planning to export 2.6 mbpd oil in the current year. Iraq's oil exports had averaged 2.165 mbpd in 2011.
Oil Ministry spokesman Assem Jihad said that “Iraq is on its way to reaching a production capacity of 12 million barrels of crude oil a day but will not necessarily produce these quantities”
Oil output from Russia, the world's biggest producer, hit a record high in 2012 from higher pumping rates at Rosneft and Gazprom.
Oil production growth in Russia hit a post-Soviet record monthly high of 10.36 million barrels per day (mbpd) in January, acording to Russian Energy Ministry.
The world’s second oil producer Saudi Arabia could increase oil production by about 2 million barrels per day in 2012 .
Saudi Arabia currently produces 10 million million barrels of crude oil a day.
Sahit Muja
President and CEO
Albanian Minerals
New York
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