Iraq Daily Oil Output Exceeds 3.2 Million Barrels

Iraqi crude production will exceed 3.2 million barrels a day in December, Iraqi Oil Minister Abdul Kareem al-Luaibi said today in Cairo.

That compares with output of 3.17 million barrels a day in November, according to the Organization of Petroleum Exporting Countries’ last monthly report.

Iraq has risen this year to the rank of OPEC’s second- biggest producer. Its output may gain to 3.7 million barrels a day next year and 4 million barrels in 2014, according to the minister.

“We have an ambitious plan to develop the oil industry,” al-Luaibi said.

OPEC will decide on a successor to Secretary-General Abdalla El-Badri by May, al-Luaibi said. El-Badri’s term was extended by one year to the end of 2013 earlier this month when OPEC ministers failed to agree on a successor.

Iraq, which had backed former Oil Minister Thamir Ghadhban, is sticking to its candidate, al-Luaibi said.

To contact the reporter on this story: Rachel Graham in London at rgraham13@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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