Iraq will increase its oil production from one of its oldest oil fields in the south by 20.000b/d. Deputy Petroleum Minister for Exploration and Production, Karim Hattab, said that production capacity from the Leheils field in southern Iraq will be raised from 100.000b/d to 120.000b/d according to Iraqi News.
In addition, Hattab said the Leheis oil field, which was discovered in 1961, remained one of the promising resources, and supports the national electricity grid with 35mcf/d.
Iraqi Cabinet Spokesperson, Saad al-Hadithi, stated that Iraq wants the production cuts to extend for nine extra months to offset oversupply and enhance prices. He said that the slashed production since the signing of the agreement last year had helped improve oil revenues gradually for exporting companies, Erbil Companies informed.
Iraq is OPEC’s second largest oil producer after Saudi Arabia, recording an everyday manufacturing of 477.5mb/d in 2016.