Iraq Hopes to Increase Oil Production in 2006

Iraq hopes to increase oil production in 2006

PARIS, Dec. 28 (Xinhua) — Iraq hopes to produce at least 2.5 million barrels of oil each day by the end of 2006, visiting Iraqi Finance Minister Ali Abdel Amit Allawi told CNBC Europe television on Wednesday.

“We hope that in the process we’ll be able to bring our production to a key of at least 2.5-2.6 million barrels by the end of 2006,” he said.

However he also said the 2006 projects need significant expansion in investment resources.

“We need to have substantial investments from international oil companies because the level of investment required to bring up our production capacities will be above our ability to finance the increase,” he said.

Earlier this month, Iraqi Oil Minister Ibrahim Bahr al-Ulum said the country hoped to turn out 3 million barrels a day by the end of 2006, compared with current production of about two million barrels a day.

The International Monetary Fund (IMF) forecasts a potential economic growth in Iraq of 10 percent in 2006 after 2.6 percent in 2005.