Iraq is set to boost its oil export capacity to four million bpd by the end of the Q1 2014, in a bid to grab a bigger share of the growing Asian market
Hussain Al-Shahristani, federal deputy prime minister for energy, said that Iraq was courting Asian customers by offering easier payment terms to secure buyers.
“In total, we will be having capacity of four million bpd next year,” he was reported as saying by Reuters.
Iraq’s current oil output is 3.3mn bpd of crude, and is likely to touch 3.5mn bpd by year-end. The export is at 2.5mn bpd of its output, with 60 per cent going to Asia, 20 per cent to the US market and the rest to Europe.
The total storage capacity in the country has been recently raised to more than seven million barrels, Al-Shahristani said.
