IRAQ’S prime minister said Friday that he wants to increase the country’s oil production to as much as 10 million barrels a day within six years. Crude oil sales account for nearly 90 per cent of Iraq’s revenue but its exports have been hurt by the outbreak of the Middle East war between Iran and the United States, which choked off the Strait of Hormuz. Iraq, an OPEC founding member, was forced to halt production in most of its oil fields during the war as reservoirs filled up.
“We are working to increase Iraq’s share within the OPEC+framework, and we aim to reach a production of 9 to 10 million barrels per day in six years,” Ali al-Zaidi told a panel in Baghdad. Baghdad recently asked OPEC to increase its production quota because of the war’s impact.
Before the conflict began, Iraq produced around four million barrels per day, and exported an average of 105 million barrels per month, mostly from its Basra oil terminal via Hormuz.
AFP
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