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While the IEA still predicts that Iraqi output will rise over the coming years its forecasts have repeatedly been revised down due to security concerns and pressure that cash-strapped Baghdad has put on IOCs to cut investment. The IEA now sees Iraq producing just 4.4mn b/d by 2020, up a mere 300,000 b/d on the country’s average output over the last six months. As recently as two years ago, the IEA was forecasting 5.8mn b/d by 2020 and 6.7mn b/d by 2025. BP’s Mideast chief Michael Townsend concurs. “It’s difficult to see a massive ramp up [in Iraqi output] next year”. (CONTINUED - 126 WORDS)