WSJ: Iraq’s oil output surges to highest level in over 30 years

Iraq’s oil production surged to its highest level in over 30 years last month, surprising skeptics of the country’s efforts to restore its oil industry after decades of war and neglect.

In its monthly oil report published Friday, the International Energy Agency said Iraq’s oil output jumped by half a million barrels a day in February to average 3.6 million barrels a day. The country hasn’t pumped that much oil since 1979, when Saddam Hussein rose to power.

The Iraqi output surge came as the IEA also predicted oil supply from the U.S. and Canada would continue its “relentless” increase this year, easing concerns that higher global demand and geopolitical issues caused by the crisis in Ukraine could push oil prices upward.

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