Iraq calls for increase in oil production levels

Iraq calls for increase in oil production levels

Oct 11, 2016
2 min read
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Iraq’s oil minister has called for an increase in the country’s oil and gas output levels in 2017, even as the dust settles on an OPEC-wide production freeze agreement.

A statement released by the Iraqi government quoted the country’s oil minister Jabar al-Luaibi as saying: “[The ministry] has affirmed the need to proceed forth with increasing oil and gas production through enhancing the national effort and those of the licensed companies for the remainder of 2016 and also for 2017."

Luaibi also said that targets set for IOCs operating in the country "should be reached within the assigned periods," despite the proposed OPEC cuts.

Iraq is already OPEC’s second largest producer, pumping in excess of 4.5 million barrels of crude oil per day. The country has plans to increase its production levels to 6 million barrels per day by 2020.

OPEC has recently proposed a deal to cut its production levels by 1 per cent.