21 May
Iraq plans to increase oil production to 6 million barrels per day by 2029
According to Iraq's oil ministry undersecretary, the country intends to boost oil production to over 6 million barrels per day by 2029. He believes such a goal can be achieved through oil exploration and drilling activity.
The official also points to a recent deal with BP to redevelop four major oil and gas facilities in Kirkuk. Currently, Iraq's oil output is around 4 million barrels per day.
The Middle Eastern country is OPEC+'s second-largest oil producer. Iraq said it will soon present a new plan to compensate for exceeding production quotas.
OPEC+ is cutting oil output by 5.85 million barrels per day, which is approximately 5.7% of global supply. The organization plans to start rolling back its production cuts next month, Bloomberg reports.
Recommended
22 May
22 May
22 May
20 May
20 May
Top news
20 May
19 May
14 May
13 May