Iraq oil output increases



Iraq's revenue from oil export increased up to $6.08 billion at the start of this year, official reports have stated.

The Iraq State Oil Marketing Organisation divulged the figures in a report on their official website, they also revealed that the price of Iraqi oil is steadily rising- in November just past the price per barrel for Iraqi oil was $80.59, in December that went up to $86.31 and January's price was $90.78.

Most of Iraq's national revenue comes from oil, and this is one of the areas where the country is actively seeking foreign investment in an effort to further grow as a country. It has now been over seven years since the oppressive regime of Saddam Hussein was brought to an end in 2003.

Since then the country has made great strides towards rebuilding the shattered landscape. Crude oil production has increased but the government still requires more money to completely be able to prosper with its plans, and this money must come from foreign investors.

Since the war ended Iraq has seen 15 development contracts given out to international energy companies, and predictions have the crude oil output increasing even more as a result. At the end of December 2010 Iraq produced 2.4 million barrels per day, and this figure is expected to go past the 3 million barrel mark by the end of 2011.