Oil production reached in late June its highest level since 2003, according to Oil Minister Hussain Shahristani. Speaking on 26 June, the minister said that production had risen to about 2.5 million barrels a day (b/d) compared to a previous average of 2 million b/d.
Shahristani said Iraq was aiming to raise production to 3 million b/d by the end of the year and 4 million b/d by 2010. Output is expected to rise further with the imminent restart of the Kirkuk-Ceyhan pipeline for the first time in a year.In anticipation of the restart, State Oil Marketing Organisation (SOMO) awarded the US' ExxonMobil Corporation and Turkey's Tupras sales tenders for 4 million barrels on 27 June.SOMO was also expected to receive bids on 29 June for the sale of a further 6 million barrels.
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