Rising Iraqi Oil Output Greases Iran Sanctions
Iraq’s once-battered oil sector is further eclipsing production in Iran, relieving pressure on world oil markets and facilitating the imposition of draconian new sanctions on Iran. While Iranian officials say they are ready for the sanctions, writes Barabara Slavin, American experts wonder if the assurances are exaggerated.
Iraq’s once-battered oil sector is further eclipsing production in Iran, relieving pressure on world oil markets and facilitating the imposition of draconian new sanctions on Iran.
A day after the European Union confirmed that its oil embargo on Iran would go into effect as scheduled on July 1, a spokesman for Iraqi Deputy Prime Minister for Energy Affairs Hussain al-Shahristani told Bloomberg news Tuesday (June 26) that Iraq's output in June was more than 3.07 million barrels a day, just shy of Iran’s 3.1 million barrels. Iraq predicts production of 3.4 million barrels a day by the end of the year.
