14/01/2011Iraqi oil production up 4.4 million b/d in 2015
LONDON - A report of the Bank of America, Merrill Lynch said on Friday that Iraqi oil production could rise to 4.4 million barrels per day by 2015.
The research team said commodities strategist at the Bank in a research note that the amendment of expectations last year to produce 3.8 million barrels per day was the result of "raising the estimates of the reserve" by the government.
The Iraqi government raised the volume of proven oil reserves by a quarter in October to 143 billion barrels, putting Iraq in third place in the list of my company. Me to the biggest reserves in the world.
The bank said the combination of strong growth in demand from emerging economies with the decline in production of non-OPEC members at least partially offset by an increase of 1.9 million barrels a day in Iraqi production in the period up to 2015.
He said the bank "is expected to rise in the prices of crude oil in the coming years."
Iraq's oil production rose to 2.6 million barrels per day in December for the first time in 20 years, but remained below the level of three million barrels, which was produced in the late eighties before the invasion of Kuwait.
The bank said it remains "skeptical" about the possibility of applying the Government's plans to double production by 2020, adding that he is likely to continue to the security problems and issues of infrastructure, reduction of production.
The Iraqi government expects production to increase to 12 million barrels per day during the six to seven years to come, according to the Iraqi Oil Minister Abdul-Karim Allaibi new in December.
They expected the note continued high commodity prices in 2011 due to strong growth in emerging markets and that remains the balance between supply and demand for oil is accurate in 2011.
It added that he could double the size of the Iraqi economy every six years if production reached 6.7 million barrels per day in 2025.
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