Iraq Crude Production Overtakes Iran
Posted on 12 July 2012. Tags: Iran, oil production, OPEC, Organization of Petroleum Exporting Countries
By John Lee.
Iraqís crude oil production overtook Iranís last month for the first time since 1988, when the countries ended their eight-year war, reports Bloomberg.
Iraq pumped 2.984 million barrels a day in June, versus 2.963 million bpd for Iraq, OPEC said today in its Monthly Oil Market Report.
Production from Iran fell ahead of sanctions from the EU that started on 1st July 1, while Iraq is steadily increasing output.
OPECís 12 members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.