Energy Agency: Iraq will increase its production to 5.4 million barrels per day in 2026

[size=52]Energy Agency: Iraq will increase its production to 5.4 million barrels per day in 2026[/size]

[size=45]Translated by Hamid Ahmed[/size]
[size=45]According to the International Energy Agency (IEA), the future world's thirst for oil, coupled with stagnation in exploration and production investments, requires OPEC members to resort during the next few years to achieve their maximum production capacity of crude oil to meet demand, which will leave the market more vulnerable to chaos and pressure on Processing.[/size]
[size=45]The International Energy Agency revealed in its latest forecast to the market on March 17 that as soon as demand for crude returns after a recession due to the Corona epidemic, this will require OPEC to boost and increase its crude production by more than 20% from its current production rate to reach nearly 30.8 million Barrels per day by 2026.[/size]
[size=45]According to the latest survey data obtained by the Energy Agency Platts, the crude oil production of the 13 member states of OPEC for the month of February reached 24.86 million barrels per day.[/size]
[size=45]The report of the International Energy Agency indicated that the bulk of these increases in production and pumping will come from Saudi Arabia, Iraq and Kuwait, more than what will come from African members of OPEC and Venezuela. The agency said that global oil consumption will grow and double rapidly.[/size]
[size=45]The agency said in its report, “While the demand for oil recovers with the delay in exploration and production investments in other regions of the world, Saudi Arabia, Iraq, the UAE and Kuwait may resort to doubling their production as much as possible to ensure that the global demand for crude is met in the market. And if sanctions remain on Iran, these countries will do their capacity and speed to keep up with the demand.[/size]
[size=45]The International Energy Agency predicted that Iraq, which is the second largest oil producer in OPEC, will be the largest producer of oil in the group, with an increase of 1.3 million barrels per day, bringing its total production to about 5.4 million barrels per day by 2026.[/size]
[size=45]Iraq, which suffers from a financial crisis and is trying to implement reconstruction projects for cities and neighborhoods destroyed during the war against ISIS, has ambitious plans to double its oil production capacity as part of huge development projects undertaken by international oil companies in fields in the south of the country.[/size]
[size=45]OPEC considers its role in the oil market as a collective equilibrium factor largely in terms of production, as it adjusts and coordinates the size of its production ceiling according to market movement and change in demand, in an attempt to prevent any economic turmoil, such as a high price rise or a drastic decline . The organization, in coordination with Russia in 2017 and nine other allies, began a series of measures to reduce crude production within an alliance called OPEC Plus to confront the state of low oil prices, which now controls more than half of the world's oil supply.[/size]
[size=45]The International Energy Agency concluded in its analysis that OPEC crude production capacity will shrink by the year 2026 to 2.4 million barrels per day after it was 6.5 million barrels per day in 2020, and the largest volume of this reserve is in Saudi Arabia. The agency interprets the meaning of spare capacity as lazy production that comes to the line within a period of 90 days and remains for a long period.[/size]
[size=45]Speculation indicates that Iran will remain under severe US sanctions. The International Energy Agency said that in the event of a breakthrough in talks between the United States and Iran that lead to easing sanctions, this would add to the oil market nearly 1.7 million barrels per day of Iranian crude. However, the agency says, many thorny issues still need to be resolved before the sanctions can be eased.[/size]
[size=45]For: Platts Energy Agency[/size]
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