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Oil industry foresees prosperous year
Jan '08
Oil has become a boiling topic in international arena, with its infinite demand, drying reserves and volatile prices.

However, there seems to be some hope, at last! Recently, the Iraqi Oil Ministry announced the country expects to record higher oil output this year.

It has been revealed that the Iraq's oil production might rise by as much as 400,000 barrels per day, this year.

Several proposed and promising contracts that Baghdad is most likely to finalize, will further add to the positive future.

This city anticipates oil output of 2.6-2.7 million barrels per day, representing a significant growth from the current 2.3 million barrels per day.

Experts believe that this is a perfect time for such boost in production, especially since the international oil prices are skyrocketing. If the country manages to expand its exports successfully, like it expects, Iraq will earn much higher profits.

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