Iraq is looking like the world’s brightest near term hope for stemming high oil prices. It is seems to have raised production about 100 kbpd in March to about 2.4 mbpd, looks to increase it to 3 mbpd by the end of 2008 and hopes to hit 4.5 mbpd by 2013.  Here is a report from Newsweek.

Iraq boosts oil exports — and pressure to pay for rebuilding

By SINAN SALAHEDDIN

BAGHDAD

Iraq boosted its crude oil exports by 3.3 million barrels in March over the previous month, bringing in nearly $15.5 billion, Oil Ministry figures showed Thursday.

The country’s total crude oil exports stood at 59.4 million barrels for March and grossed $5.64 billion, with an average price $95.02 for per barrel, the ministry said on its Web Site.

February’s exports hit 56.1 million barrels and yielded in $5.037 billion. January’s amounted to 59.6 million and brought in $4.813 billion.

There is still a wide difference in exports between the southern port of Basra and the northern city of Kirkuk, despite fighting in the south last month which included attacks on the southern export pipeline.

Ministry figures showed a total of 49.5 million barrels were sent abroad through Basra while other 9.9 million barrels were exported from the Kirkuk oil fields to Turkey’s Ceyhan terminal on the Mediterranean Sea.

On Wednesday, the special U.S. auditor for Iraq released new data on Iraq oil revenues which show that the government could reap as much as $70 billion this year, thanks to the soaring oil prices.

Oil prices neared a record $120 per barrel this week.

The new information is likely to give more leverage U.S. lawmakers who complain that Iraqis are not paying enough of the bill for rebuilding their nation — particularly in light of rising oil production and world prices.

Iraq sits on the world’s third-largest oil reserves, totaling more than 115 billion barrels. But the industry is plagued by a lack of modern equipment and training after decades of U.N. sanctions and war under Saddam Hussein.

Iraq is planning to increase its oil output to 3 million barrels a day by the end of 2008 by bringing in foreign companies, and is targeting production of 4.5 million barrels a day by end of 2013.

Tags: peak oil energy investments

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