Battle For Iraqi Oil Heats Up After Iran-Saudi Deal ...Middle East

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Battle For Iraqi Oil Heats Up After Iran-Saudi Deal
source : OILPRICE ( Middle East ) () 53
Iraq’s crude oil production has been stuck between the 4.0-4.7 million barrels per day (bpd) level since 2016, with a mean average of about 4.5 million bpd during that period, but it could relatively straightforwardly produce 12 million bpd – way more than Saudi Arabia’s true crude oil production average of 8.2 million from 1973 to last Friday. Key elements needed for Iraq to increase its crude oil production to this elevated level are contained in the US$27 billion four-pronged deal agreed with TotalEnergies but there are now…

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