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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.
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