Wood Mac: Iraqi oil sector underperforming

1 Jun 2017   Iraq

A high-risk operational environment coupled with a difficult bureaucracy and market conditions means Iraq is underperforming in oil, Wood Mackenzie found. Iraq is one of the largest producers in the Organization of Petroleum Exporting Countries and agreed to limit it output to 4.35 million barrels per day for the first half of the year under the terms of a multilateral agreement to curb production to balance an oversupplied market. As the post-U.S. invasion dust settled, Iraq late in the last decade opened its doors to international investors and set its sights on producing as much as 12 million bpd. A report published Wednesday from analytical group Wood Mackenzie said Iraq is a low-cost producer that hosts […]

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