Iraq could double oil output with security SHARM EL-SHEIKH: Iraqi officials believe they can double their daily oil output quickly if a new government improves security, US Treasury Secretary John Snow said on Monday.
Snow spoke to reporters travelling with him after a private meeting with Sinan al-Shabibi, Iraq’s central bank governor, about conditions in Iraq now that a new national unity government is in place.
“The governor indicated he thought it was well within reason to think that with security, and the investment that would come with security, Iraq would have daily production through the pipeline on the order of 3 to 3.5 million (barrels) and that could be achieved quickly,” said Snow. Snow said Iraq’s daily production was running at around 1.6 million barrels.
Shabibi, accompanied by heavy security, did not speak to reporters.
“The framework has now been put in place, but that framework can only produce good economic results when the missing ingredient security is in place,” Snow said. “Security is now everything in terms of the path forward.”
The two held a separate meeting on Monday. Iraq’s newly named finance minister, Bayan Jabor, was not in Egypt for the discussions.
“With security will come investments, with security will come much better performance of the electricity sector, which had been badly hurt by saboteurs. With security will come investment in oil and much higher oil output,” Snow said.
never ending war