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

Iraq sets for oil output of six million bpd by the end of 2027, Oil Minister says
2022-05-16T16:16:01+00:00

Shafaq News/ Iraq's Minister of Oil, Ihsan Abdul-Jabbar Ismail, on Monday said that his country is ramping up its production capacity goals, targeting six million barrels per day (bpd) in 2027 and eight million bpd in 2029.

 "The Ministry is expediting the optimal plans and projects to invest the associated and non-associated gas in order to bolster the energy sector, curtail the reliance on fossil fuel, conserve the environment, and reduce harmful gas emissions," he said before the 29th Middle East Petroleum and Gas Conference in Manama, Bahrain's capital city.

The Ministry affirmed that Iraq "is committed to the stability of the international oil market via the cooperation with the country members in OPEC+ to face the challenges facing the market, restore its balance, and retain the gains it achieved recently."

OPEC+, which achieved a historic reduction of 9.7 million barrels per day between May 2020 and July last year, is unwinding cuts due to improving demand. It was adding about 400,000 bpd to the market every month and increased that to 432,000 bpd for May and June.

Brent, the global benchmark for two thirds of the world's oil, was trading 1.6 per cent lower at $109.76 a barrel at 12.53pm UAE time on Monday, while West Texas Intermediate, the gauge that tracks US crude, was down 1.percentent to $109.01 a barrel.

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