London-The conflict in Iraq will set back the country’s plans to ramp up crude production in the medium term as deteriorating security hits Baghdad’s ability to expand its key oil sector, the International Monetary Fund said on Monday. In the shorter term, production is likely to decline slightly to 2.9 million b/d this year, while exports should average 2.4 million b/d, close to last year’s level, the agency said without giving figures for current output.
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