3/29, 12:47 PM (Source: TeleTrader)
more TeleTrader news

Iraq to raise oil output by 3.2M bpd by 2029 - minister

Iraqi Oil Minister Ihsan Abdul Jabbar announced on Monday Baghdad intends to increase the total oil output from the existing 4.8 million barrels per day (bpd) to 8 million bpd by 2029.

Even though he also told local media that the production capacity could even reach 12 million bpd, Abdul Jabbar noted he believes that the plan will not contradict the OPEC+ deal on voluntary output cuts.

In addition, he revealed that a deal to extend an oil pipeline from Basra in Iraq to Jordanian Aqaba port is expected to be implemented within 12 months.

Breaking the News / MS