Iran Still ' Punished ' Us Oil Production Iraq Bolted High

New York -Iraq oil production last month succeeded beyond its regional rival, Iran. This highlights the impact of continued investment in Iraq and Western sanctions against Iran.

According to figures released by the International Energy Agency on Friday, Iraq's oil production in July had managed to exceed 3 million barrels per day.

This means 300,000 barrels a day higher than the average output of Iraq in 2011. IEA says, increased production in July because there is a tanker loading facility opening offshore in the Persian Gulf.

Iraq oil production initially used to be slow, but steady rise since the war started over. Plus, when the Government of Iraq with its partners such as Exxon Mobil, BP, Chevron and Total repair of existing oil fields, as well as a new source of hunting.

With oil prices at around $ 90 a barrel, meaning roughly the level of Iraq's production accounts for revenue of US $ 100 billion per year. The majority of the incoming Government's income as Iraq. Most of the foreign oil companies in Iraq working on contract or pay a royalty rate higher.

Iraq has ambitious plans, one day producing 11 million barrels per day or nearly equals the output current Russia and more than a million barrels per day production of Saudi Arabia. But the security situation is still not stabilized, so companies are reluctant to invest too much in this country.

Last month alone there are already two attack pipelines. Plus, the determination of the law about how the Division of oil among the people of Iraq are still very weak. It's no wonder the development of Iraq's production was slow. Analysts say, realistisnya in the next 10 years might be able to raise Iraq's production is divided into 6-7 million barrels per day of course.

"We do not see Iraq production rates increased quickly before 2014," said Patrick Gibson, an oil supply analyst at energy consultancy Wood Mackenzie, quoted from CNN Money (14/8/2012).

Meanwhile in Iran, oil production experienced a serious pressure-induced sanctions from the us as, the United Kingdom and the European Union regarding Iran's nuclear program. These sanctions prohibit Iran oil imports to the West and limit the number of import to Asian countries.

The result, Iran oil production in July shrank to 2.9 million barrels per day from 3.6 million barrels per day in the last quarter of 2011, according to the report the IEA. Questions about how quickly Iran is production they can bounce and how would that be when sanctions were lifted.

Gibson said, because of the complex structure of the law regarding sanctions, took a long time for Iran to reach the level of imports as it used to be. Even when sanctions were already revoked. Plus, there is still the possibility of Iran oil fields will be damaged due to less productive for 1 team.

(ang/ang)