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Thursday, 16 October, 2008, 02:20 GMT | more prices >>

Iraq ready to work with EU



By Upstream staff 

Iraq is ready for an energy pact with the European Union and is targeting an increase in its overall oil production by 2012, the European Commission said after talks with the country's oil minister today.

“Iraq stands ready to sign at any time the draft energy memorandum of understanding that has been prepared together," the Commission said in a statement after talks between Energy Commissioner Andris Piebalgs and Iraqi Oil & Energy Minister Hussain al-Shahristani, according to Reuters.

The statement added that Iraq plans to increase its oil production from 2.5 million barrels per day and should reach 3 million bpd by the end of 2008, with a target of around 4.5 million bpd by 2012.

The additional oil should contribute favourably to the oil prices, added the Commission.


Wednesday, 16 April, 2008, 14:21 GMT  | last updated: Wednesday, 16 April, 2008, 14:28 GMT

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