Iraq plans to raise oil production above 6 million bpd by 2029
Iraq a fellow OPEC member like Nigeria plans to raise oil production capacity to more than 6 million barrels per day (bpd) by 2029, the state news agency reported Iraq’s oil ministry as saying on Sunday.
Iraq’s current oil output stands at about 4 million bpd, oil ministry officials say.
It is the second-largest producer within the OPEC+ group comprising the Organization of the Petroleum Exporting Countries and allies including Russia and last month reaffirmed commitment to the group’s output agreement. Iraq also said it would present an updated plan to compensate for any previous overproduction.
OPEC+ is cutting output by 5.85 million (bpd), equating to about 5.7% of global supply, in a series of steps agreed since 2022 and is set to begin scheduled supply increases in April.
Iraq’s current oil output stands at about 4 million bpd, oil ministry officials say.
It is the second-largest producer within the OPEC+ group comprising the Organization of the Petroleum Exporting Countries and allies including Russia and last month reaffirmed commitment to the group’s output agreement. Iraq also said it would present an updated plan to compensate for any previous overproduction.
OPEC+ is cutting output by 5.85 million (bpd), equating to about 5.7% of global supply, in a series of steps agreed since 2022 and is set to begin scheduled supply increases in April.
©Business Day
