Iraq sees oil output at 3mn bpd by year-end

BASRA: Iraq's oil production should rise to 3 million barrels per day by the end of this year and will grow an additional 500,000 to 1 million bpd next year, Deputy Prime Minister Hussain al-Shahristani said on Saturday.

Shahristani said Iraq's programme to install the first single point moorings or SPMs would help increase export capacity by an additional 1.8 million bpd by the end of this year.

Current output is around 2.7 million to 2.8 million bpd.

"Export terminals and pipelines will not be the obstacle," Shahristani said during a visit to the country's southern oilfields.

He said Iraq supported an increase in OPEC production if a hike were needed to meet rising global demand. OPEC oil ministers meet on June 8 in Vienna to decide output policy.

"Iraq supports an increase in production if there are studies indicating a rise in global demand for crude," he said.

Copyright Reuters, 2011