The Oil Ministry Al-Sharistani a few days ago in Iraq had announced that oil production is up to two million barrels a day and could jump to 2.5 million barrels a day.
We have conflicting information from Mr. Al-Sharistani and the South Oil Company spokesperson who has recently said that the oil production has dropped to one million barrels a day. A far cry from two million barrels a day as the Oil Ministry had stated earlier.
I think I believe the South Oil Spokesperson who has also said that the reason for the decline of the oil production is the lack of maintenance and repairs, the degrading of key production chains, and the sorely lack of funds needed for sustaining operations.
The Foreign Investment Law which looks like will be sent through the Iraqi Parliament at the end of the year will help with the influx of cash to the Iraqi oil industry.