Iraqi oil export from the southern part has been raised significantly by 120,000 barrels per day (bpd) in the month of October, in comparison to the last few months. This data is derived from shipping industry, suggesting that Iraq’s production will be massive in coming decades.
Exports from Iraq have increased from 2.18 million barrels oil to 2.30million barrels oil tanks, in just a span of a month. So far shipments of August was highest, i.e. 2.25 billion barrels, after US invasion.
South of Iraq is the main source of oil export for Iraq now. A huge uplift of Iraqi export will definitely help to cut down global cost of the crude oil – anticipated by experts.
Western Oil Company said, "They have the production and the export capacity, so they are ramping up. And for once, Iraq is having smooth export programs and operations."
Iraq’s target is to go beyond 2.8 million barrels export in this month. With its aim, the country is raising its production significantly. A strong growth in oil export would make it a competitor of Saudi in next 17 years, as explained by experts. In October, exports from Kirkuk were scheduled as 430,000 bpd. This is helping the boost of global oil demand.
A tender from Kirkuk said about oil production, "So far, it's very smooth.”
Last month Baghdad and Kurdish state agreed on a settlement to stop the oil dispute and to bring out hand of helping each other. This will help more in oil production.