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Still, the Kurdish oil minister, Ashti Hawrami, believes output of 1m b/d is possible within three years.The tricky part is getting the oil to market.
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Many economists believe output growth has been understated in recent years, but that conclusion is mostly guesswork.
According to the minutes of the Fed's last meeting, its staff and several governors believed output would contract in the first half of 2008.
The key being that it believes factory output will recover in June.
Osborne admitted that the independent Office for Budget Responsibility had again downgraded its forecast for growth and now believes that output will expand by 1.7% this year.
Productivity is expected to rebound in the current period because analysts believe weak output during the fourth quarter was partly a result of temporary factors, like an unusually sharp decline in government spending on the military.
"We believe recent output cuts by major iron ore miners along with indications that Chinese industrial activity continues to weaken could make 2009 a difficult year for dry bulk rates," she said.
But I don't think he would have minded had he believed their output merited their publicity.
"Iran believes OPEC's output should be reduced," the Iranian oil minister, Bijan Namdar Zanganeh, was quoted as telling an Iranian news agency this week.
The reported outages mainly affect Nova Oil, with Dow Chemical saying it believes its total output of ethylene derivatives will remain unaffected.
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