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Iraq plans to increase crude oil production by 1 million barrels per day in 2019Nour News / Baghdad
Iraq plans to increase light crude oil production and exports to 1 million bpd in 2019 as part of a strategy to boost state revenues, Oil Minister Jabbar al-Luaibi said on Sunday.
Iraq is OPEC's second biggest producer after Saudi Arabia, which pumps about 4.6 million bpd and most of its crude exports are destined for Asia.
"The decision" strengthens Iraq's role in world oil markets, "the oil ministry quoted al-Luaibi as saying in a statement.
Iraq exported 3.583 million barrels per day (bpd) from its southern ports on the Gulf in August. The bulk of Iraq's oil is exported through the southern ports, and supplies account for 95 percent of the OPEC member's revenues.
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