Iraq sets for oil output of 8 million bpd by the end of 2027, Oil Minister says

  • 19-06-2022, 20:34
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    Minister of Oil Ihsan Abdul-Jabbar Ismail confirmed on Sunday, that oil production will reach 8 million barrels per day (bpd) during 2027, while referring to the continuation of the decisions of the Federal Court related to the region's oil.

    Ismail said in a statement to a number of media outlets, including the Iraqi News Agency (INA),"Iraq is working to increase its capabilities to raise oil capacity, and we have large projects to increase production, and we are committed to reaching a peak production of 8 million bpd by the end of 2027," noting that "we currently have projects underway in all oil fields, especially in Basra province".

    He pointed out that "the ministry has infrastructure projects to extend Ceylon pipelines in the sea, and Iraq is committed to the decisions of the Organization of Petroleum Exporting Countries and is committed to the policy of working in it, because producers must provide oil to all investors."

    Ismail added, "The emergency support law did not meet production costs, and the Oil Ministry registered its protest with the Council of Ministers about that."

    He explained that "we are committed to our share in OPEC, and we achieve within the limits of 100% of this commitment," noting that "the export ceiling for the whole of Iraq for the month of June will be 3 million and 800 thousand per day, and the month of July will be 3 million and 850 thousand, including Kurdistan because it is part of Iraq."