(IraqiNews.com) The Deputy Premier for Energy Affairs Hussein al-Shahristani expected to reduce the limits of the Iraqi Oil production capacity during the next years.
Shahristani stated in the Oil and Money Conference, which was held at the British capital London, on Tuesday “Iraq might reduce its Oil production capacity to reach from nine to nine and half million barrel per day.”
Iraq aspires in cooperation with foreign companies within the oil licensing rounds to increase its Oil production capacity to become 12 million barrel per day in 2017.
Experts in Oil fields attributed the lack in the Oil production of Iraq to the political problems of Iraq and the absence of the laws which organize the natural resources management in addition to the continued struggles between the Federal government and the Government of Kurdistan region, pointing out that ”All these obstacles prevent foreign companies from participating in the Iraqi oil market. \