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Feature Article by Staffoilpricedotcom Erik
Iraq is one of the major reasons why OPEC has been able to increase oil production over the past year, even as oil prices have dropped to six-year lows.
The war-torn country averaged 3.2 million barrels per day (mb/d) of production in 2014. But despite the onslaught from ISIS and the collapse in oil prices, Iraq succeeded in achieving steady gains in output, surpassing 4.1 mbd in September. Along with Saudi Arabia's increase of around 600,000 barrels per day since 2014, Iraq has accounted for a majority of OPEC's production gains over the past year, allowing the cartel to produce more than 31.5 mb/d – well in excess of its stated production target of 30 mb/d.
However, although Iraq has succeeded in defying gravity thus far, the cracks in the country's oil success story are starting to show.
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