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Iraq targets 3m bpd by 2011 end – minister
2010-12-25 23:35:50

BAGHDAD / Aswat al-Iraq: Iraq targets the production of three million barrels per day (bpd) by the end of 2011, according to Iraqi Minister of Oil Abdulkareem al-Leiebi on Saturday.

“Iraq is currently giving priority to investment in the infrastructure sector,” Leiebi was quoted by Reuters as saying on the sidelines of the 85th Organization of Arab Petroleum Exporting Countries (OAPEC) ministers meeting in Cairo, which was attended by ministers of oil and petroleum of Saudi Arabia, Qatar, Kuwait, Libya, Algeria, the United Arab Emirates (UAE), Syria and Bahrain as well as Egypt.

“The rate of $100 per barrel is a fair one for crude oil,” the Iraqi minister said.

Meanwhile, Egypt’s Middle East News Agency (MENA) quoted Egyptian Minister of Petroleum Sameh Fahmi as saying that the current oil prices is the result of a growing demand on heating oil in this cold wave sweeping Europe, adding the oil barrel price has reached $95.

An Iraqi oil ministry spokesman had said on Wednesday that the oil production rate rose to 2.5 million bpd, adding the ministry has reached this rate for the first time in 2003.

“The oil production rate achieved hits 10% thanks to cooperation among national experts and foreign corporations,” Assem Jihad told Aswat al-Iraq news agency.

OAPEC is a regional organization of an international perspective that was established in 1968. It encompasses 10 Arab countries, including seven members in the Organization of Petroleum Exporting Countries (OPEC).

AmR (S)