Iraq to boost oil exports from next year

Iraq, the second biggest oil producer of OPEC, is about to increase its oil exports from the country’s southern ports in the following year. This statement was made by Iraq’s national representative at OPEC. As it was specified, the country is planning to increase oil export capacities by 2025 by adding about 1-1,5 million barrels per day.

Details of the new project were disclosed by Mohammed Saadoon, the country’s representative at the Organization of Petroleum Exporting Countries, in his recent interview to the state-controlled channel Iraqiya TV. According to his words, the project implies the southern Khor Al-Amaya port and marine pipelines being rehabilitated.

As it was stated by Saadoon, boosting export capacities by 150,000-250,000 barrels a day is expected since next year.

With an expansion of export volumes, Iraq looks forward to increasing revenues from the oil industry, as well as attracting international companies to carry out business withing the country. It’s worth noting that for many years, business in Iraq was difficult due to wars and sanctions.

Saadoon additionally stressed that OPEC’s recent decision on reducing crude oil output won’t have any impact on oil exports from Iraq.

According to his statement, the country’s oil ministry is also projecting to increase production to 5 million-5.5 million barrels a day by 2028.