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Iraq Oil Minister Sees 2012 Output at 3.4 Million Barrels

Iraqi crude production may rise to 3.4 million barrels a day by year’s end, with 2.6 million barrels for export, Oil Minister Abdul Kareem al-Luaibi said today in Paris, reiterating a forecast made in January.

Total output may reach 10 million barrels a day by 2017, he said. The forecast includes production from national fields, those to be developed under first and second bidding rounds and fields in semi-autonomous Kurdistan, he said.

Output from the Kirkuk field in northern Iraq may rise to 300,000 barrels a day in two to three years, al-Luaibi said.

Iraq pumped 2.61 million barrels a day last month, the Paris-based International Energy Agency said March 14 in its monthly Oil Market Report. Bloomberg estimates put the country’s production level at 2.76 million barrels a day in February.

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