Iraq aims to restore oil output above 3 million bpd from southern fields within 1-2 months

Iraq expects to restore oil production from its southern fields to levels exceeding three million barrels per day within one to two months, according to the Oil Ministry spokesperson.

Iraq expects to return ​oil production from its southern fields ‌to levels ​exceeding three million barrels per day within one to two months, Iraq's state news agency reported on Friday, citing an ‌Oil Ministry spokesperson.

Iraq normally exports a total of around 3.6 million barrels of oil per day and before the Iran war around 3.4 million bpd flowed through its southern Basra ‌terminals. Iraq, like other Gulf oil producers, has suffered a drop in oil revenue as ‌a result of the effective closure of the Strait of Hormuz amid the U.S.-Iran War.

Before the disruption caused by the war, Iraq mainly exported its fuel oil from the Gulf port of Khor al-Zubair, ⁠but the ​conflict has forced it ⁠to seek alternative routes after the strait was closed and storage facilities began filling up. "There was no ⁠fixed timetable for restoring exports to previous levels because production capacity and reservoir conditions vary from one ​field to another," Iraqi oil ministry spokesperson Saleem al-Rikabi said.

He said the ministry ⁠was currently prioritising fields producing associated gas, liquefied gas and condensates, adding that restoring export capacity and tanker ⁠activity ​would progress alongside production recovery. Earlier, Iraqi oil officials told Reuters that Iraq has increased crude oil production from its southern fields by 250,000 barrels per day to around ⁠1.75 million barrels per day as more tankers load crude from the country's ports.

The officials ⁠said Iraq plans ⁠to raise production further to two million barrels per day in the coming few days.