Lukoil to cut Iraq oil output

Dec 27, 2012, 1:31 PM EST
Signing ceremony in Baghdad on March 22, 2012 for a $1 billion deal to develop the West Qurna-2 oilfield in southern Iraq.
AFP/Getty Images/ALI AL-SAADI

 
Russia’s second-largest crude producer Lukoil said it has cut its planned oil production in Iraq by almost a third, in line with Baghdad's desire to cut peak oil production in order to prop up oil prices and help its economy. Andrei Kuzyayev, head of Lukoil Overseas, said that the company is now looking for peak production at the West Qurna-2 oilfield of 1.2 million barrels per day (bpd), not 1.8 million bpd as previously planned. The lower rate of extraction is also expected to extend the life of the giant field to 19 years from the 12-13 years currently forecast.

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