Exxon currently has plans to produce 2.3 million barrels per day for the current time. This amounts to 839.5 million barrels of oil a year!
The numbers in the article cited refer to total production from one Iraq field. That has little to do with Exxon’s net production. Clearly that field will be important to Exxon even after paying things to Iraq. But for the second quarter of 2010, Exxon’s world-wide oil liquids production was 2.325 million barrels per day. They sold far more petroleum products than that (6.241 million barrels a day) which means that they have to purchase oil and products essentially on the open market – nearly 4 million barrels per day worth. Profit margins on such purchsed stuff are far lower than on the oil Exxon itself produces.
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