Iraq will begin swapping oil from the northern Kirkuk fields to Iran this month at a rate of 60,000 barrels per day (bpd), Kirkuk's governor told Reuters at a conference for the reconstruction of Iraq in Kuwait on Monday.
Iraq is seeksing around $100 billion in foreign investment in transport, energy and agriculture as part of a plan to rebuild parts of the country and revive the economy after a three-year war on Daesh.
Production of crude oil from Abouzar Oilfield will increase by 12,000 barrels per day (bpd) from current level of approximately 0.2 mbd once the two newly-installed platforms begin operations in the offshore field.
If climate change curbs live up to their promise, oil demand may fall 20 percent by 2040, Exxon Mobil Corp. said in one forward-looking report. But a more likely scenario is it will grow by 20 percent, the company said in separate outlook, Bloomberg reported.