Iraq's Oil Ministry said reconstruction began in Baiji at what was previously the country's biggest oil refinery prior to damages incurred during the fight against the Islamic State. Reconstruction efforts aim to finish one of the units at the Baiji complex, which will produce 70,000 barrels per day. Before the Islamic State captured the refinery in 2014, it produced between 250,000 and 300,000 bpd.
The maintenance emphasize the Iraq intension to reach oil p[roduction as before the war started. Where oil prices is around 50 USD / barrel, increase in Iraqi oil would pressure the oil price down.
