Iraq oil production rising, but not as high as hoped
Budget cuts at Iraq's largest oil projects reflect the Oil Ministry's softening ambitions for long-term production targets.
A worker climbs a drilling rig at the Rumaila oil field. (BEN VAN HEUVELEN/Iraq Oil Report)
BASRA - At Rumaila, Iraq's most prolific oil field, the development budget has been slashed this year by $1 billion – the latest sign that Iraq is tempering its long-term oil production ambitions.
Even as the country works to raise production and export capacity – Iraq sold record amounts of oil in March and April – the increases are smaller than many anticipated, including Iraqi policymakers. Their ambitions have been chastened by reduced oil prices, a financial crisis, infrastructure delays and instability stemming from political disputes and war.
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