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Oil Minister from Abu Dhabi: Production capacity of Iraq approaching 5 million barrels per day

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rocky
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Oil Minister from Abu Dhabi: Production capacity of Iraq approaching 5 million barrels per day

Post by rocky on Sun Jan 14, 2018 5:19 am

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Oil Minister from Abu Dhabi: Production capacity of Iraq approaching 5 million barrels per day


Oil Minister Jabbar al-Allaibi said on Sunday that Iraq's production capacity is close to five million barrels per day (bpd), but the country will fully comply with the target production rate under a global agreement to cut oil supplies.
"Oil production from Iraq currently stands at about 4.3 million bpd," Al-Luaibi told reporters at an energy conference in Abu Dhabi. "An agreement to reduce oil production between OPEC and other producing countries should continue despite a strong rise in oil prices, Pointing out that oil markets still need more time to stabilize.
On the other hand, al-Allaibi said that "his ministry intends to conclude three contracts with international gas companies by the middle of this year to benefit from 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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