OPEC’s No.2 Prepares For Oil Export Boom

With Iraq’s oil production in August hitting an all-time record high of 4.97 million barrels per day (bpd), according to local Iraqi sources, the country is virtually at the maximum oil production level that its current oil exporting infrastructure can handle. Moreover, this figure, impressive though it is, is still a long way off Iraq’s latest oil target production of 6.2 million bpd by the end of 2020 and 9 million bpd by the end of 2023. In order to monetise these flows for its hard-pressed budget and encourage further development…