Iraq to Increase Oil Output

Iraq to Increase Oil Output

Iraqi Oil Minister, Jabbar Al Luaibi, stated, during an energy conference in Baghdad, that the country is planning to increase crude oil output from 4.4mb/d to 5mb/d by the end of 2017, reported the Alpena News.

Al Luaibi didn’t announce which of the Iraqi oil fields would produce enough amounts to increase the country’s output.

The Minister informed that Iraq is further planning to add 15b barrels to production by 2018. The country has added 10b barrels to production during 2017, which boosted Iraqi total reserves to 153.1b barrels.

Meanwhile, Iraqi oil marketer SOMO said that, following the decision of the Organization of the Petroleum Exporting Countries (OPEC) to cut production in January 2017, Iraqi production decreased by 300,000b/d to be around 4.5mb/d in March, reported PPP Focus.

OPEC’s Secretary General, Mohammed Barkindo, told reporters that the members of OPEC would discuss whether to extend the production decrease agreement during a meeting that will be held in May 2017.


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