Last month, OPEC+ decided to cut oil production by 2 million barrels of oil per day. Iraq said that it did not affect its expansion of oil production.

(Reuters)

[Financial Channel/Comprehensive Report] Representatives of the Organization of the Petroleum Exporting Countries (OPEC) said that Iraq, the second largest oil producer in OPEC, plans to increase the oil export capacity of the southern port next year, aiming to increase daily output by 100 by 2025. million to 1.5 million barrels.

Iraq is trying to boost oil revenues and attract global companies to do business in the country.

The production cut plan decided by OPEC+ in the last (10) months has played an important role in stabilizing the global crude oil market.

In this regard, Mohammed Saadoon, Iraq's representative to OPEC, said that the production cut plan will not affect Iraq's oil exports.

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According to OPEC statistics, Iraq exported 3.293 million barrels per day from its southern ports in October, and Saturn said that starting next year, oil exports will increase by 150,000 to 250,000 barrels per day.

Iraq’s oil production increase plan will continue, with the goal of increasing its original daily exports by 1 million to 1.5 million by 2025; by 2028, it will achieve exports of 5 million to 5.5 million barrels per day.

Iraq currently accounts for 11 percent of OPEC's production, and Saturn said that so far this year, Iraq's oil sales have averaged $97 a barrel (about NT$3,007).

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