Iraq oil production rises to more than 4 million barrels per day

Economy

3-02-2022, 15:37

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Baghdad - INA

The Ministry of Oil announced that its oil production will rise to more than 4 million barrels per day in next March.

Yhe Undersecretary for Extraction Affairs, Karim Hattab, said in a statement received by the Iraqi News Agency (INA), that "the ministry succeeded in achieving an increase in financial revenues for the year 2021, after witnessing an increase in the total financial revenues derived from oil exports to (75,650) billion dollars, with a noticeable increase." of last year's budget forecast.

He added, "The increase in revenues came despite the economic and health challenges represented by Covid 19 and beyond, which contributed greatly to covering a good percentage of the financial deficit of the government's budget for the mentioned year," noting "the importance of the commitment of the producing countries in (OPEC +) in the stability of oil markets, And bypassing the crises that afflicted the economies of the countries of the world after the spread of the Corona pandemic.

He expressed his hope "that the required balance between supply and demand will continue to be achieved over the coming period, after the increase that will be supplied to global markets by (OPEC +) in the amount of (400) thousand barrels per day, starting from next March, and the increase in Iraq's share to (4.370) million. Barrels per day, "referring to it as "the important step to achieve additional financial revenues."