Iraq February Crude Output Exceeds 2 Million Barrels

Iraq’s average crude-oil exports exceeded 2 million barrels a day in February, said Falah al-Amri, director of the State Oil Marketing Organization.

The precise figure for the average crude exports in February will be published later this month, he said in a telephone interview in Baghdad today.

Iraq, the third-largest producer in the Organization of Petroleum Exporting Countries, pumped 2.75 million barrels a day in January, according to data compiled by Bloomberg News. The country plans to increase its daily crude output to 3.4 million barrels this year while exports will exceed 2.6 million barrels a day, Asim Jihad, an Oil Ministry spokesman, said on Feb. 23.

The Arab nation, holder of the world’s fifth-largest oil reserves, depends on sales of crude for most of the revenue it needs to rebuild the economy after years of war, sabotage and economic sanctions. Iraq has awarded 15 licenses for drilling rights to foreign companies since the U.S.-led invasion that ousted President Saddam Hussein in 2003.

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