Image by Torsten Asmus/ iStock
Iraq expects to return oil production from its southern fields to levels exceeding three million barrels per day within one to two months, Iraq's state news agency reported.
Iraq normally exports a total of around 3.6 million barrels
of oil per day and before
the Iran war around 3.4 million bpd flowed
through its southern Basra terminals.
Iraq, like other Gulf oil producers, has suffered a
drop in oil revenue as a result of the
effective closure of the Strait of Hormuz amid the US-Iran
War.
Before the
disruption caused by the war, Iraq mainly exported its fuel oil from the Gulf
port of Khor al-Zubair, but the conflict has forced it to seek alternative routes after
the strait was closed and storage facilities
began filling up.
"There was no fixed timetable for restoring exports to
previous levels because production capacity and
reservoir conditions vary from one field to another," Iraqi oil ministry
spokesperson Saleem al-Rikabi said.
He said the ministry was currently prioritising fields
producing associated gas, liquefied gas and condensates, adding that restoring export capacity and tanker
activity would progress alongside production recovery.
Earlier, Iraqi oil officials told Reuters that Iraq has
increased crude oil
production from its southern fields by 250,000 barrels per day to around 1.75 million
barrels per day as more tankers load crude from the country's ports.
The officials said Iraq plans to raise production
further to two million
barrels per day in the
coming few days.

