The production capacity of crude in Iraq is close to five million barrels per day, but it produced 4.650 million barrels in October, according to SOMO. This is in line with the production quota under the OPEC+ agreement.
The director of the company, Alaa Al-Yasiri, told the Iraqi News Agency, “Iraq currently produces 4 million and 650 thousand barrels per day of crude oil, including the shares of the federal government and the Kurdistan region,” noting that “Iraq is the second largest producer in OPEC after Saudi Arabia, and it has a great weight.” in the energy market.
Al-Yasiri added, “Given the economic repercussions in which the world is living after the Corona pandemic, represented by the sharp rise in inflation rates, the increase in interest rates for global central banks, and the rise in unemployment rates, the OPEC + decision came to reduce production by two million barrels per day, as a preemptive solution to any path that might happen.” lead to an imbalance in supply and demand or push towards an economic recession.
He pointed out that “the rates of reduction agreed upon by OPEC + were distributed unanimously to the reference production rates of the member states, and countries with high production rates such as Saudi Arabia and Russia received the largest share of the reduction, followed by countries with lower rates, respectively.”
It is noteworthy that the financial revenues achieved from Iraqi oil sales until the end of August amounted to about $82 billion, supported by the rises in crude prices.
#Iraq #plans #raise #oil #production #capacity #million #barrels