13 Hrs
Source:
وكالة بغداد اليوم الاخبارية
Oil Expert: Iraq's OPEC Exit Tied to Production
Oil expert Mamdouh Salama confirmed that Iraq's exit from OPEC depends on its ability to increase its oil production. Iraq possesses reserves exceeding 400 billion barrels and can reach 6-7 million barrels per day within seven years, provided there are sufficient investments and funding. Currently, Iraq's share is about 4 million barrels per day, which had previously reached 4.75 million barrels, and the country needs to plan for increasing its production capacity. He explained that the UAE's resignation from the organization could alter the distribution of quotas, but Iraq remains a major supporter of OPEC, which was established in Baghdad in 1960, due to the stability it provides to the oil market and the enhancement of Iraq's standing in it.
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