Iraq Returns to Prewar Levels

Iraq's oil production has recovered to a prewar level of 2.5 million barrels a day according to Marek Belka, director of economic policy for the Coalition Provisional Authority. Bellka added that by simply reconstructing existing facilities output can be increased to 3 to 3.5 million barrels a day.

But to increase production to the 6 to 6.5 million barrels a day targeted by the Iraqi Governing Council, the construction of new facilities requiring about US$50 billion in investments will be necessary, he said, adding that the process could take seven years.