Iraq plans to raise its crude output to 7 million barrels per day by 2027, Iraq's oil minister said on Wednesday.
'Even with OPEC cuts and even with a low price, Iraq's master plan is in line to achieve our target,' Ihsan Abdul Jabbar said during the virtual Iraq Petroleum Conference.
Iraq is the second-biggest crude oil producer in the Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia, and holds the world’s fifth-largest proved crude oil reserves.
'Iraq’s oil capacity will not be less than 7 million barrels per day [bpd] in 2027, so adding another 2 million bpd to our capacity is our target in the coming five to six years.'
Noting that several of the country’s projects were delayed due to OPEC’s production cuts to combat the demand crisis caused by the spread of the coronavirus pandemic, Jabbar vowed to remain committed to the goal to reach 7 million bpd in 2027.
Jabbar expressed his hopes that the second quarter of 2021 would be more “positive” for oil prices and the market.
By Sibel Morrow