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What is the current production rate in Iraq? Roughly 2 mbpd, current post-war capacity is 2.2 mbpd, pre-war capacity was roughly 3 mbpd.
http://www.eia.doe.gov/emeu/cabs/Iraq/Oil.html
I saw some data someplace recently that showed the production rates from their fields which showed most of their production is also in decline. Since they haven't had the investment in their infrastructure they may be able to boost production levels back above that 2.6 mbpd, but I doubt they will ever approach the 3 mbpd. A more plausible scenario will be they sustain existing rates for a while longer.
Longsnowsm
Its funny, we both read the same report but have two different perspectives. True most of their pre-war nationalized Arab engineering capacity is back on line. But look at the list of undeveloped fields or near production fields. Not to mention Iraq has cheap, cheap, cheap to recover oil- less than $3 per barrel. Originally Posted by Longsnowsm
Oil production in Iraq hit it's peak in the late 80's at just shy of 3 mbpd. It's peak production since that time came in 2001 at just under 2.6 mbpd. Iraq has not had the development that other countries have had so there is room for production growth. So those that want to talk about the benefits of Iraq and it's oil production seem to intentionally fudge the numbers to help justify our presence and to show how much more work we have to do and why we have to stay. I think if you look at the data most of their capacity is already back online.What is the current production rate in Iraq? Roughly 2 mbpd, current post-war capacity is 2.2 mbpd, pre-war capacity was roughly 3 mbpd.
http://www.eia.doe.gov/emeu/cabs/Iraq/Oil.html
I saw some data someplace recently that showed the production rates from their fields which showed most of their production is also in decline. Since they haven't had the investment in their infrastructure they may be able to boost production levels back above that 2.6 mbpd, but I doubt they will ever approach the 3 mbpd. A more plausible scenario will be they sustain existing rates for a while longer.
Longsnowsm
Estimates of 45-100 billion barrels of recoverable oil and you don't think they'll reach 3mbd?? Is it because you think current production will decline before we tap 45-100 BILLION barrels??? I'll conceded that anyway.
The US (we) are all about stabilizing the market and world. I'm not listening to the media about that it just is the way it is. Even Jimster Carter told the world "you mess with oil flow you mess with me" or something like that.
We'll be in Iraq for a very long time regardless of how much the world, Iraq (if they dare) and media moans and whines. Lots of fields are going down soon. The US production is slated for a huge loss in 2010. Oil companies have done all that they can, given current tech, to keep the oil flowing in the US. We are headed for a sharp decline, so is Mexico, so is the world except for a handful of country's.
Look at Saudi, where is there increased production? For over a decade they have been saying they will be able to do 15-20mbd if needed. So... where is it. Is it not needed. Will they not make even more money. They have been putting more and more wells in Ghawar. Why not getting oil from other fields? Once Ghawar goes terminal,call it in, we're done. Oil will become like food, sure the world as "enough" for all but politics and power will dictate starvation. Cynical people make fun of the late night info-mercials that say for pennies a day we can save a life. Its true. Oil is next.
I hesitated to get on this thread because I truly hope I'm wrong.