The country remains the second largest oil manufacturer at OPEC+ and last month confirmed its commitment to cartel agreements.
Iraq aims to increase oil -making capacities to more than 6 million barrels per day by 2029. It was stated by the Ministry of Oil of the Country, Reuters report on Sunday, March 23.
According to Deputy Minister of Oil Basem Mohamed Khodira, the goal is to achieve thanks to expanding geological exploration and active drilling nationwide. One of the key steps in this direction is the recent signing of an agreement with the giant energy of BP in the modernization of four oil and gas oil fields in Kirkuk.
Currently, the amount of production in Iraq is about 4 million barrels per day. The country remains the second largest oil manufacturer at OPEC+ and last month confirmed its commitment to cartel agreements. Authorities are also preparing an updated compensation plan for the previous excess.
Against the background of reducing production in the OPEC+ framework of 5.85 million barrels per day (about 5.7% of the world’s supplies), Iraq’s intent to increase its own production. Since April, the cartel has been planning a gradual increase in delivery, but Iraq’s position on this issue remains flexible.
As you know, US president Donald Trump called Saudi Arabia and OPEC to reduce oil prices. In his opinion, it will help to quickly end Russia’s war against Ukraine.
Ukraine recommends set the maximum price for Russian oil for $ 30 per barrel.
Oil fell on price after Trump’s re -arrangement for OPEC
News from CORRESPONDENT.NET On the telegram and whatsapp. Subscribe to our channels https://t.me/KorresPondentNet and WhatsApp
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.