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BP reportedly is close to reaching a deal with Iraq to cut the final production target for the...

BP reportedly is close to reaching a deal with Iraq to cut the final production target for the giant Rumaila oilfield to 1.8M-2.2M bbl/day. BP-operated Rumaila has estimated reserves of 17B barrels and currently produces ~1.35M bbl/day; a previous target of 2.85M bbl/day is considered unrealistic, given the lack of adequate oil pipelines, storage and crude production facilities.
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