Home Business Iraq plans to increase oil production by the end of 2027

Iraq plans to increase oil production by the end of 2027

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globallookpress/Lino Mirgeler/PD
globallookpress/Lino Mirgeler/PD

Iraq plans to increase oil production to 8 million barrels per day by the end of 2027. This was stated by Iraqi Oil Minister Ihsan Abd al-Jabbar, Prime writes.

Iraq is now producing about 4.58 million barrels of oil per day. In May, thanks to oil exports, the country earned a record $11.4 billion.

“Iraq is working to increase the capacity to increase oil power, we have major projects to increase production. We aim to reach peak production of 8 million barrels by the end of 2027,” said Ihsan Abd al-Jabbar.

Oil production was cut by the decision of OPEC+ in 2020 due to the coronavirus pandemic. Since August 2021, oil production has steadily increased.

Representatives of Iraq believe that Russia is an important member of OPEC +, so politics cannot be interfered with in the decisions of the organization. Russia has been and will remain a member of OPEC +.

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