Iraq and Angola oil output will soar in two years

Abu Dhabi: The oil output of Iraq and Angola, two members of the Organisation of Petroleum Exporting Countries (Opec), which are outside the Opec-10, is set to rise over the next two years, according to the International Energy Agency (IEA).

The Paris-based IEA, which advises 26 member countries on energy policy, said the Iraqi export and refining infrastructure can accommodate some 2.4 million barrels per day of production.

“Full reactivation of Iraq’s idled domestic refining capacity, together with feasible export potential, could take outlets for Iraqi production into a 3.5 million bpd-4 million bpd range,” the IEA noted, adding that this also represents the Iraqi oil ministry’s latest target production level for end-2009. While in July 2007 the Iraqi oil supply hit a three-year peak of 2.18 million bpd, renewed pipeline outages saw output dip in August to 1.97 million bpd.

In Angola, the IEA said crude capacity is seen reaching 1.79 million bpd in the fourth quarter of 2007 and 2.1 million bpd by the end of 2008.

Gulf News