Crude Oil: Iraq seeks to raise production to 8 mn bpd by 2027
Crude Oil: Iraq seeks to raise production to 8 mn bpd by 2027

BAGHDAD: Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail said Iraq seeks to increase crude oil output to 8 million barrels per day (bpd) by the end of 2027 to meet its commitment to export quotas within the Organization of Petroleum Exporting Countries (OPEC).

"Iraq is trying to improve its capacities to enhance its oil production capacity, and we have major projects to increase production," Ismail said on Sunday. "We are dedicated to reaching a peak output of 8 million bpd by the end of 2027." Projects are progressing in Iraqi oil resources, particularly in the southern region of Basra, the minister said."Iraqi oil shipments are capped at 3.8 million bpd in June and 3.85 million bpd in July," he added.

The  Iraqi Oil Ministry claimed on June 1 that it had exported about 102 million barrels of crude oil in May, with an average of 3.3 million bpd.

Ismail's comments come after OPEC and its partners, known collectively as OPEC+, decided to considerably increase oil supply in July and August in order to stabilise rising oil prices.

Iraq's economy is primarily reliant on crude oil exports, which provide more than 90% of the country's revenue.

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