Iraq Lowers Sights On Capacity As Reality Sets In

Baghdad acknowledges that recent developments, including the security crisis, a lack of cash and a shortage of water for re-injection, will make it difficult to attain a 9mn b/d  capacity target by 2020. It has come to the conclusion that 6mn b/d – almost double current federal output – may be a more realistic target.

In the last two weeks Iraqi Oil Minister ‘Adil ‘Abd al-Mahdi has twice made reference to...