Iraq announces its commitment to export its OPEC share

Shafaq News/ Iraq reaffirmed its commitment to exporting its share following the OPEC agreement.

The Iraqi Minister of Oil, Ihsan Abdul-Jabbar Ismail, said Monday, "Baghdad committed to delivering its quota," stressing that Iraq's goal is to boost oil production and export in the coming years by strengthening investments in the oil and energy sector and expanding the international investments in the gas field, in cooperation with prominent global companies.

It is worth noting that Iraq is the second–largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia and holds the world's fifth–largest proved crude oil reserves. Moreover, most of Iraq's major known fields–all of which are located onshore–are producing or are in development.

According to official Iraqi data, Iraq's dry gas production reached 1317 MMCF daily, while liquid gas production reached 5,571 tons per day.

Initial estimates of the Ministry released that Iraq possesses about 124 trillion cubic feet of gas as a reserve; 70% is associated with gas.

Iraq also ranked eleventh among the countries in the world rich in natural gas after Russia, Iran, Qatar, Saudi Arabia, the Emirates, America, Nigeria, Venezuela, and Algeria.