June 7, 2016 Comments Off on Iraqi Oil Production Increases to Record Levels Views: 315 California News, West

Iraqi Oil Production Increases to Record Levels

Iraq increased daily oil production to an all-time high of 4.5 million barrels in May. That’s an increase of 100,000 barrels a day from April, and roughly 2 million barrels a day more than what Iraq was pumping before the 2003 U.S. invasion.

Iraq is exporting triple the amount of oil to the U.S. than it was in January, in turn, bringing exports to their highest level since July 2014.

Oil makes up 99% of Iraq’s exports and roughly 90% of all federal revenue. But steep declines in oil prices over the past two years have hurt Iraq’s finances, as well as other Middle Eastern countries.

Read More at CNN Money

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