Sunday, 28 May 2023 04:03 GMT

Iraq To Raise Oil Production To Eight Million Bpd By 2027

(MENAFN- Nam News Network)

BAGHDAD, Jun 20 (NNN-NINA) – Iraq seeks to raise its crude oil production to eight million barrels per day (bpd) by the end of 2027, to fulfil its commitment to export quota, within the Organisation of the Petroleum Exporting Countries (OPEC), Iraqi Oil Minister, Ihsan Abdul-Jabbar Ismail, said yesterday.

“Iraq is working to increase its capabilities, to raise its oil production capacity, and we have large projects to increase production, and we are committed to reaching the peak production of eight million bpd by the end of 2027,” Ismail told reporters.

Projects are underway in Iraqi oil fields, especially in the southern province of Basra, according to the minister.

“The ceiling of Iraqi oil exports in Jun is 3.8 million bpd and July 3.85 million bpd,” he noted.

On Jun 1, the Iraqi Oil Ministry said, it had exported about 102 million barrels of crude oil in May, with an average of 3.3 million bpd.

Ismail's remarks came, after the OPEC and its allies, collectively known as OPEC+, decided to significantly raise oil supply in Jul and Aug, in an effort to stabilise the surging oil prices.

Iraq's economy heavily relies on crude oil exports, which account for more than 90 percent of the country's revenues.– NNN-NINA


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.