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Oil: Our production is close to 5 million barrels

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rocky
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Oil: Our production is close to 5 million barrels

Post by rocky on Sun 14 Jan 2018, 1:33 am

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Oil: Our production is close to 5 million barrels


 Baghdad / Range 

Oil Minister Jabbar al-Allaibi expected oil production capacity to reach about 5 million barrels per day, stressing that he would stay at the export ceiling within the OPEC agreement. He also confirmed the signing of three contracts with international companies in the middle of this year in the use of burning gas.
"The production of oil from Iraq is currently about 4.3 million barrels per day," he said in an interview with the media during an energy conference in Abu Dhabi. "The country's production capacity is likely to reach 5 million barrels per day, but the country will be fully committed to the production rate Target under a global supply reduction agreement ".
Al-Luaibi said that "an agreement to reduce the production of oil between the producer countries from OPEC and abroad should continue despite the strong rise in oil prices," noting that "oil markets still need more time to stabilize." In another matter, al-Allaibi said that his ministry "intends to conclude three contracts with international gas companies by the middle of this year for the use of gas in the south of the country," noting that "Iraq plans to eliminate the burning of gas associated with the extraction of oil without exploitation by 2021."
Iraq is forced to burn some of the rising gas during the process of extraction of crude oil because it does not have suitable facilities to enter into a process that allows use.





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