Saturday, August 13, 2022

Baghdad

Iraq to increase oil production to 8 million barrels per day by 2027

 Iraq to increase oil production to 8 million barrels per day by 2027

An oil facility in Iraq. Photo: AP

Baghdad (IraqiNew.com) – The Iraqi Minister of Oil, Ihsan Ismail, revealed on Sunday that oil production in Iraq will reach eight million barrels per day in 2027, stressing the need to proceed with the court decision related to Kurdistan’s oil, according to the state news agency (INA).

“Iraq is working on increasing its capabilities in relation to oil production. We are committed to reaching the peak production which is eight million barrels per day by 2027. We currently have projects in progress in all oil fields, particularly in Basra governorate,” Ismail said in a statement cited by INA.

“The Ministry of Oil is working on infrastructure projects. Iraq is committed to the decisions and the policies of the Organization of Petroleum Exporting Countries (OPEC) because producers must provide oil to all investors,” Ismail clarified.

“We are implementing the decision of the Federal Supreme Court of Iraq and following all other legal and constitutional measures that allow us to implement the court ruling, and we will proceed with this step and other steps,” Ismail elaborated.

“We believe in a federal Iraq and the authorities of the governorates, but the principle is to implement the decision of the court to reach standard methods in managing the entire oil wealth throughout the country,” Ismail added.

Ismail also explained that Iraq is committed to its share in OPEC as it achieves around 100 percent of the commitment.

Ismail added that the quantities of oil exports for June will be 3.8 million barrels per day, and 3.85 million barrels per day for July. Oil produced from Kurdistan is included in these numbers because it is part of Iraq.