Iraq plans to ramp up oil production to 8 million barrels per day by 2027, the country’s oil minister, Ihsan Abdul Jabbar, said on Tuesday.
In turn, ministry’s spokesman Assem Jihad noted that the production will largely depend on the market dynamics.
“The producing countries, and because of the challenges facing the oil market, reconsidered their plans and accounts. The increases have become calculated according to the up-and-down and developments of the oil market, and it is not possible to predict what the oil market will be like,” the spokesman was quoted as saying by the state news agency INA.
At a July meeting, OPEC+ countries extended the oil deal until the end of 2022, increasing oil production by 400,000 barrels per day every month starting August until the current restrictions are surpassed. This will allow the members to gradually withdraw from the current obligations to reduce production, currently standing at 5.8 million barrels per day, by the end of September 2022.
The countries additionally agreed to increase the baseline for oil production restrictions for Russia, Saudi Arabia, the UAE, Iraq and Kuwait from May 2022. For Iraq, the baseline will increase by 150,000 barrels per day, amounting to 4.803 million.