Iraq plans to increase oil production capacity.


Iraq plans to increase oil production to 6 million barrels per day by 2029
The government news agency reports that Iraq intends to increase oil production to over 6 million barrels per day by 2029. The Deputy Minister of Oil, Bassem Mohamed Khodair, stated that this goal is planned to be achieved through exploration of oil fields and conducting drilling activities throughout the country.
One of the steps towards achieving this goal was an agreement with oil giant BP for the restructuring of oil and gas production in Kirkuk. Currently, Iraq produces approximately 4 million barrels per day.
Iraq is the second-largest oil producer among OPEC+ countries. Authorities have also confirmed their commitment to the group's agreement on production volumes and assured compensation for exceeding production. The OPEC+ group reduced production by 5.85 million barrels per day, accounting for approximately 5.7% of global supplies, and plans to increase production from April 2022.
Read also
- The godfather of the fallen soldier embezzled the payment - court ruling
- Another crime by a war veteran in Russia — details
- Trump Hits BRICS Allies with Tariffs - How Much They Will Now Pay
- Selective mobilization of artists is unjust, says MP Fedyna
- In Lviv, a soldier sued the military unit over leave after captivity
- Man Ignored the Call-Up and Did Not Show Up at the Military Recruitment Center - How He Was Punished