OAO Lukoil (LKOH) will start pumping crude from Iraq’s second-largest oilfield tomorrow as the nation boosts output to levels last seen more than three decades ago. Russia’s biggest publicly traded oil producer will start producing 120,000 barrels a day at West Qurna-2 in the south. The field is expected to eventually yield 1.2 million barrels daily, or about a third of the nation’s current output. Iraq is now the second-biggest member of the Organization of Petroleum Exporting Countries behind Saudi Arabia after adding 1 million barrels of output since 2007. Wars and sanctions crippled the country for decades, contributing to four of the 11 biggest global supply shocks in the past 60 years, according to the International Energy Agency in Paris. “Iraq has been the key growth center within OPEC,” said Amrita Sen, the chief oil market strategist at Energy Aspects Ltd. in London. The nation plans to increase […]