Iraq discusses Basra-Baniyas pipeline
Iraq is working to enhance its oil export capabilities through negotiations with American and Qatari companies to establish a pipeline project connecting the ports of Basra and Baniyas, aiming to diversify export routes and reduce reliance on the Strait of Hormuz. Additionally, the country is developing a new network of pipelines with global firms, enabling oil exports via Turkey and Syria. This effort seeks to boost its production share, which has declined due to the closure of the Iranian passage during the war with Iran. Iraq plans to capitalize on investment opportunities to develop its refineries and reaffirms its commitment to OPEC's quota of 4.2 million barrels per day, with current exports reaching around 3 million barrels daily. The country is also aiming to increase its production share based on OPEC's review, targeting to raise output to approximately six million barrels per day in the future.
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