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24 March | Oil

Iraq plans to increase oil production to 6 million barrels per day by 2029

Brent
WTI Light Crude Oil
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.

Elena Berseneva MarketCheese

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