Iraq plans to boost oil output to 8-10 million bpd
Iraq intends to increase its oil production to between 8 and 10 million barrels per day within six years, as part of a plan to strengthen its share within OPEC. A government delegation led by the ministers of oil and finance was sent to Saudi Arabia to discuss these quotas, after production before the Iranian war was approximately 4 million barrels per day. Iraq is also seeking to expand its exports through ports in Turkey, Syria, and Jordan, including a project to export oil via a pipeline to the Syrian port of Baniyas, at an estimated cost of $15 billion. These efforts are underway amidst a decline in maritime traffic through the Strait of Hormuz due to regional tensions, with security threats continuing to pose risks to global oil export routes.
Notice: This Is an AI-Generated Summary
Comments (0)