Oil Minister reveals a plan increase production to 8 million barrels per day

Economy

10-08-2021, 18:53

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Baghdad-INA

Oil Minister Ihsan Abdul-Jabbar confirmed Today, Tuesday that Iraq plans to increase its oil production to 8 million barrels per day at the end of the year 2027.

For his part, the ministry's spokesman, Assem Jihad, indicated to the Iraqi News Agency (INA), that "the producing countries, and because of the challenges facing the oil market, reconsidered their plans and accounts," noting that "the increases have become calculated according to the up-and-down and developments of the oil market, and it is not possible to predict what the oil market will be like."

OPEC countries had agreed, earlier, to increase the UAE’s share to 3.5 million barrels per day, as well as the production share of Iraq and Kuwait by 150 thousand barrels per day. In addition OPEC also agreed to cut production from August, and also agreed to use the new production quotas from May 2022.