KEY POINTS
- Iraq plans to raise oil production to 6 million bpd by 2029.
- A new deal with BP will help redevelop key oil fields.
- Iraq remains committed to OPEC+ output agreements despite cuts.
According to the state news agency on Sunday, which cited Iraq’s oil ministry, the country intends to boost its oil production capacity to around 6 million barrels per day (bpd) by 2029.
Iraq plans to increase oil production to 6 million bpd
Bassem Mohamed Khodeir, undersecretary of the oil ministry, told the agency that the country wants to accomplish this target by conducting drilling and oil exploration activities all across the country. He brought attention to a recent agreement to revive four Kirkuk oil and gas sites with BP, a major oil company.
According to authorities in the oil ministry, Iraq currently produces around 4 million barrels of oil per day.
Iraq’s current oil output and OPEC+ commitment
According to Reuters, Iraq reiterated its commitment to the group’s output agreement last month as the second-largest producer in the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries and allies like Russia. In order to remedy any past overproduction, the nation also promised to publish an updated strategy.
In a set of measures agreed upon since 2022, OPEC+ is reducing output by 5.85 million barrels per day, or around 5.7% of world supply, with planned supply rises starting in April.
Muhammad Al Gebaly and Menna Alaa El-Din provided the reporting. Menna Alaa El-Din is the author. David Goodman and Elaine Hardcastle edited.
