Iraq oil output surges to highest level in more than 30 years


Iraq's oil production surged to its highest level since 1979, jumping by 500K bbl/day to average 3.6M bbl/day, according to the International Energy Agency's monthly report, surprising skeptics of the country's efforts to restore its oil industry.

The Iraqi output surge came as the IEA also predicted oil supply from the U.S. and Canada would continue its "relentless" increase this year, easing concerns that higher global demand and geopolitical issues caused by the Ukraine crisis could push oil prices upward.

The IEA also says oil exports from Iran rose to a one-year high of 1.16M bbl/day in both January and February, threatening to exceed a cap on exports that Iran agreed to as part of the interim deal over its nuclear program.

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