Iraq reports record crude production

20 January 2015

Oil Ministry says output has reached milestone of 4 million barrels day in December

Iraq produced a record amount of crude in December 2014, averaging 4 million barrels a day (b/d), according to Oil Minister Adel Abdul Mahdi.

The figure includes production in Iraqi Kurdistan, which is not normally included in the Baghdad ministry’s reports, with production in the south of Iraq reported at 3.35 million b/d in December.

Iraq plans to increase crude exports to an average of 3.3 million b/d this year and is expected to boost exports in the north after agreeing with the Kurdistan Regional Government (KRG) to use Kurdish infrastructure to transport oil from the Kirkuk fields into Turkey.

Increased exports in Iraq will put further downward pressure on crude prices. The Brent crude benchmark has been trading at below $50 a barrel in early 2015, down from a peak of $115 in June 2014.  

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