Iraqi Oil Minister, Ihsan Abdul-Jabbar, declared that his country plans to raise its oil production to 8 million barrels per day (mmbbl/d) by end of 2027, Iraq News Agency (INA) reported.

The ministry’s spokesman Assem Jihad told INA that the oil-producing countries reconsider their plans due to the challenges facing oil market.

“The increases have been calculated according to the up-and-down as well as the developments of the oil market, and it is not possible to predict what the oil market will be like,” he added.

INA mentioned that OPEC countries had agreed on increasing Iraq and Kuwait share of oil production by 150,000 barrels per day (b/d). OPEC also agreed to cut production as of August and to start the new production quotas from May 2022.