Iraqi Oil Production

Completing my catch-up on oil production for the three most important Middle Eastern producers, here is Iraq.  Iraq had a substantial gain in 2012 – around half a million barrels per day – backslid a little in December, and then has apparently started to regain in February.

I expect further production gains in 2013, and, assuming the country can maintain stability, for Iraq to become a more and more important oil supplier over time.  Stability remains a risk, of course.  However, the country’s oil production is already far more stable than it was under Saddam (due to the latter being under international sanctions, no doubt).

Early Warning