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Downgrade to Iraq's oil production forecast

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Report summary

Iraq's oil field developments continue to face a host of challenges which have resulted in our downgrading our 2020 oil production forecast by around 1 million barrels per day (b/d). We now expect output to reach 5.2 million b/d in 2020 versus the government s 2010 forecast of 11.7 million b/d. We expect output to build slowly to the end of the decade constrained by Infrastructure bottlenecks slower development of the southern fields and the difficult operating environment.

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