Iraq to Triple Oil Exports to 6MM B/D in 10 Years

BAGHDAD (Dow Jones Newswires), November 13, 2008

Iraq aims to triple oil exports to 6 million barrels a day in 10 years, earmarking $2 billion to start increasing capacity, Finance Minister Baqer Jabr Solagh told AFP.

"We are allocating about $2 billion to the oil ministry in the 2009 budget in order to start increasing capacity in this sector," Solagh said in an interview on Wednesday.

"From my view, we need to increase our exports at least to what what they were in the 1980s, when we exported 3.4 million barrels a day," he said.

"Iraq can export maybe after 10 years, 6 million barrels a day."

Current output stands at some 2.4 million barrels a day, of which 2 million barrels a day are exported. 

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