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| Iraqi oil exceeds pre-war output | Iraqi oil exceeds pre-war output |
| (41 minutes later) | |
| Iraqi oil production is above the levels seen before the US-led invasion of the country in 2003, according to the International Energy Agency (IEA). | Iraqi oil production is above the levels seen before the US-led invasion of the country in 2003, according to the International Energy Agency (IEA). |
| The IEA said Iraqi crude production is now running at 2.3 million barrels per day, compared with 1.9 million barrels at the start of this year. | The IEA said Iraqi crude production is now running at 2.3 million barrels per day, compared with 1.9 million barrels at the start of this year. |
| It puts the rise down to the improving security situation in Iraq, especially in the north of the country. | It puts the rise down to the improving security situation in Iraq, especially in the north of the country. |
| But the IEA warned that attacks on Iraqi oil facilities remain a threat. | But the IEA warned that attacks on Iraqi oil facilities remain a threat. |
| Sabotage attacks | Sabotage attacks |
| In its latest monthly Oil Market Report, the IEA puts the Iraqi increase in production down to improved security on the main oil pipeline from Iraq's northern oilfields to the port of Ceyhan in Turkey. | In its latest monthly Oil Market Report, the IEA puts the Iraqi increase in production down to improved security on the main oil pipeline from Iraq's northern oilfields to the port of Ceyhan in Turkey. |
| In recent years this pipeline has been out of action for long periods due to sabotage attacks. | In recent years this pipeline has been out of action for long periods due to sabotage attacks. |
| "The security improvements in Iraq are leading to all sorts of dividends in the country, some of which could be enormously lucrative," said BBC correspondent Crispin Thorold in Baghdad. | |
| Iraq has the third largest proven oil reserves after Saudi Arabia and Iran, but exports plummeted in the face of the insurgency that flared up following the US-led invasion. | Iraq has the third largest proven oil reserves after Saudi Arabia and Iran, but exports plummeted in the face of the insurgency that flared up following the US-led invasion. |
| Separately, the IEA said world oil demand would grow faster in 2008 than had previously been expected. | Separately, the IEA said world oil demand would grow faster in 2008 than had previously been expected. |
| Saying markets were proving resilient to near record-high prices due to continuing strong global demand, the IEA now expects 2.1 million barrels of oil per day to be sold next year up 200,000 from its previous forecast. | Saying markets were proving resilient to near record-high prices due to continuing strong global demand, the IEA now expects 2.1 million barrels of oil per day to be sold next year up 200,000 from its previous forecast. |
| The Paris-based IEA represents the world's largest oil consuming nations. | The Paris-based IEA represents the world's largest oil consuming nations. |