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Iraq predicts steady increase in oil production into 2017

Iraq predicts steady increase in oil production into 2017

Sep 06, 2016
2 min read
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Iraq will steadily increase its oil production and export levels well into 2017, according to Falah Alamri, the head of Iraq's State Oil Marketing Company (SOMO).

"There will be a steady growth in production and exports next year," Alamri told reporters in Singapore.

Despite this prediction, Alamri said that "it was not clear by how much" Iraq would increase its output.

Iraq currently produces in excess of 4.6 million barrels of oil per day and is OPEC’s second biggest producer, behind Saudi Arabia.

Talk of increasing production levels will weigh heavily on prices, even as producers look to organise a global production freeze.  

"We have no problem with exporting our crude volumes. There is a huge demand for both Basra Light and Basra Heavy," said Alamri.

"Our government supported the freeze and we have to support the freeze. We have the capacity to produce more. But if the freeze is for a certain period and will stabilize the market, definitely the freeze is in our favour," he said.

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