Iraq adds export capacity

As Iraq continues its efforts to rebuild its oil infrastructure in the wake of the recent armed conflict, sources from the state-owned oil company told Reuters the country would open up its second offshore export facility last Friday, April 20.

Iraq's oil exports have been extremely limited by its access to oil ships and pipelines with which to transport its production.

"The work and tests of the second floating oil terminal have been completed and it is ready to start loading within the coming 24 hours," one source from South Oil Company told Reuters on Thursday.

In an effort to encourage greater oil production, Iraq initiated a plan to construct four new offshore oil transportation terminals along the narrow strip of coast in the southeast of the country. Eventually, each platform would be capable of shipping as much as 850,000 barrels per day each, or 3.4 million barrels per day in total.

Reuters reports that the southern oil fields in Iraq are expected to increase production by around 600,000 barrels per day over the course the year.

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