"BAGHDAD -- Despite sectarian bombings and political gridlock, Iraq’s crude oil production is soaring, providing a singular bright spot for the nation’s future and relief for global oil markets as the West tightens sanctions on Iranian exports."
"The increased flow and vital port improvements have produced a 20 percent jump in exports this year to nearly 2.5 million barrels of oil a day, making Iraq one of the premier producers in OPEC for the first time in decades.
Energy analysts say that the Iraqi boom -- coupled with increased production in Saudi Arabia and the near total recovery of Libya’s oil industry -- should cushion oil markets from price spikes and give the international community additional leverage over Iran when new sanctions take effect in July."
Tim Arango and Clifford Krauss report for the New York Times June 2, 2012.
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