Iraq to up oil production 10 times
Posted by admin . Published on 14 December 2009, Received
The next five years could see a massive increase in the crude oil supplies in the world, thanks to restarting of major supplies by Iraq. The US , UK and Chinese oil majors have bagged multi billion dollar deals in the last two weeks which can pump up the crude oil production out of Iraq by over 10 times in the next five years.
The immediate increase in production over the next 12 months could be nearly 100%, which can double from that level in the next two or three years. So expect crude oil prices to remain subdued for a long time to come, as global economic recovery also remains weak.
