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Current production is about 2.3 million barrels per day, and exports about 1.7. The rest is refined and used in Iraq - petrol is 10 dinars (7.6 cents) a litre.
A special report on Iraq by the Energy Intelligence Group quotes the Iraqi Oil Minister as saying production could be increased to 3.0 million bpd and exports to 2.35 million within 6 months with "a few hundred million dollars' worth" of investment in repairs and new equipment. That would be enough to earn the $4 billion dollars every six months.
Oil engineers are sceptical about the six months, because of the lead time to obtain delivery of equipment. Some equipment could take 12 or even 18 months. Let's be generous and say nine months.
NINE MONTHS - MARCH 1999? |
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