Azerbaijan, Baku, Jan.15 / Trend A.Badalova /
Iraq's oil production will increase by 430,000 barrels per day (bpd) to 3.41 million bpd in 2013 compared to 2.98 million bpd in 2012, according to the U.S. bank JP Morgan's forecasts.
According to the forecasts, the highest level of Iraqi oil production in 2013 will be observed in the fourth quarter - at 3.56 million barrels per day. In the first quarter of this year oil production level in the country will hit 3.26 million bpd, in the second quarter - to 3.36 million bpd, in the third quarter - to 3.46 million bpd.
In 2014 JP Morgan's analysts predict Iraqi oil production at 3.81 million bpd.
In the first quarter of the next year, according to the forecasts, oil production will stand at 3.66 million bpd, in the second quarter - at 3.76 million bpd, in the third quarter - at 3.86 million bpd, in the fourth quarter - at 3.96 million bpd.
JP Morgan's estimates show that the country's oil output amounted to 3.16 million bpd in the last quarter of 2012.
According to BP, proven oil reserves in Iraq at the end of 2011 amounted to 143.1 billion barrels, which ranked the country 3rd in OPEC after Saudi Arabia and Iran. Oil production in Iraq at the end of 2011 was 2.798 million barrels per day.
The main oil fields in Iraq, Zubair, Nahr Umr, Majnoon and West Qurna, are located in the south. 80% of oil produced in Iraq is exported.