Iraq producing average of 1.5 million barrels of oil a day

AFP ^ | 9/14/03 | AFP

[Mark Felton]

BAGHDAD (AFP) - Iraq (news - web sites)'s battered oil industry is managing to produce 1.5 million barrels per day (bpd), the top US official in the occupied nation said.

"Yesterday we produced 1,624,000 barrels of oil. We've been averaging about 1.5 million barrels a day for the last 10 days," Paul Bremer told reporters here Sunday.

The chief executive of Iraq's oil ministry, Thamir Ghadhban, said Tuesday that the country's oil production capacity had increased to nearly two million (bpd).

He said at least one million bpd of sustainable export capacity would be "achieved very soon".

The Iraqi oil ministry is ultimately aiming to raise the war-torn country's oil production capacity to six million bpd with the help of international oil companies, Ghadhban said.

Iraq holds the world's second-largest oil reserves after Saudi Arabia.

It is currently dependent on crude exports from southern Iraq as the main pipeline from the northern oilfields to Turkey remains out of action following sabotage attacks.

[Mark Felton]

"All liberty flows from the barrel of a gun"

[AdamSelene235]

Anybody seen independent confirmation of these numbers?There seems to be a 2X disparity between the US Government's numbers and those I've seen reported in the Financial Times. Neither are trustworthy.

[Keith]

No, but this would be huge if even CLOSE to true...this is why all the Democrap whining about costs is irrelevant...once it is back on it's feet, Iraq will be an important ally in the ME.

[RobbyS]

The oil stuff is a lot less vulnerable than one might think. Unless the bad guys get a lot more inventive, the exports will be up to post-war levels by Thanksgiving.

[witnesstothefall]

Great news better left unpublished. Expect large explosions and fires to follow directly.

[AdamSelene235]

No, but this would be huge if even CLOSE to true...

No, not really. Now 8.5 would be huge. As it stands we are creeping back to Saddam levels.

Remember the entire point of this exercise is to have enough oil online to keep the world afloat when the House of Saud implodes and their oil fields go up in smoke.

[Pan_Yans Wife]

oil ping

[cyborg]

Good then they can use some of that oil money instead of 87 billion tax dollars

[RobbyS]

Still have to pry the hands of the UN off the money they have collected.

[Rain-maker]

Projected at 5 billion barrels a month within 3 years and then democraps can take a flying leap into lake sh*tlock with their anti-American rants.

Disband the DemoRats America doesn't need traitors!

[cyborg]

Ah!!! You are correct. Hmm... could this be why they're trying to needle into the affairs of rebuilding Iraq?

[ItisaReligionofPeace]

I think that's part of the idea. The cheaper and stable oil exports that will result will be good for our country.

[LibWhacker]

The Iraqi oil ministry is ultimately aiming to raise the war-torn country's oil production capacity to six million bpd . . .

Lessee . . . times $28/barrel . . . divided into $87 billion . . . Ah . . . they can pay for their own damned reconstruction AND pay us for reparations, and be out of debt in a generation or two, even if reconstruction takes years and years and years. No need to soak the American taxpayer, the world's biggest patsy.

[nicollo]

Perhaps you don't realize that when Congress rolls over and burps $38 millions, the President will have had exactly what he wanted from the get?

[thtr]

This is nothing to get excited about. The Iraqi oil business, like all businesses, will try to get as much money as possible for their product. This means they will join OPEC as soon as the American taxpayer gets them on their feet and then things will be much the same as they were before the first Iraqi war. There will not be any cheap oil from Iraq. Nor is the money we spend there a loan of any type. The American taxpayer is paying for the Iraqi reconstruction out of sheer kindness and will receive nothing in return. There is only the slimmest of chances that 5 years from now Iraq will be a US ally.

[Prodigal Son]

Now 8.5 would be huge. As it stands we are creeping back to Saddam levels.

To get to that level, Iraq's oil infrastructure is going to require a massive investment. I mean several tens of billions of dollars. That's going to require foreign/private sphere investment. Oil companies are going to have to get in there and invest in this project. Before they go in, they'll be wanting to make sure a stable gov't is in place so they can be assured of their investment not going tits-up on 'em. This is a long process we're talking about here. Getting up to those kind of levels- 8 million bpd is a decade away- at least.

[vpintheak]

Yep the dimrats will signal their buddies (aka all terrorist scum bags) and the explosions will follow. Or they will do a documentary telling each and every step on how to blow up a pipeline, while saying how easy it is. This of course will be printed in all the major newspapers and also be on a prime time special.

[Stultis]

Lessee . . . times $28/barrel . . . divided into $87 billion . . . Ah . . . they can pay for their own damned reconstruction AND pay us for reparations, and be out of debt in a generation or two, even if reconstruction takes years and years and years. No need to soak the American taxpayer, the world's biggest patsy.

As I understand, the precidents under international law, which are a bit thin, say that an occupied country's resources can be used for rebuilding and for the costs of occupation. IOW you can't profit by them, and you can't use them to repay yourself for the cost of prosecuting the war, but you can use them for expenses of occupation after the transition from war to occupation has been made. So we can use Iraq money and resources for rebuilding, and for (civilian) coalition political authority, for sure. Using them to pay for our military forces may be allowable in some respects, but is more ifey, so (again, as I understand) we won't be doing that. Most of the $87 billion supplemental is to pay for and support our troops (about $65 billion IIRC).

Of the remaining money something like $5.3 billion will be used for training and equiping Iraqi security forces (police, military, border guards, etc). This is a very good investment because these forces are much cheaper than American soldiers, and will also allow us to either draw down our forces and/or to better utilize them (e.g. administering lead injections to jihadis rather than guarding police stations and museums).

Iraqi resources are being used presently for rebuilding and governance, but are falling short. We're spending tax-payer dollars because of the importance of doing this job quickly and well. If we allow the political, rebuilding and stabilization processes in Iraq to slow or falter, it will end up costing us more in treasure and blood in the long run. That's the argument, anyway, which I happen to believe is absolutely correct.

[RobbyS]

The oil money is the reason why the French--through the UN--is trying to control events. But that is self-evident, right? But I think the main reason why they want UN control is to limit American military operations in the region.