The International Energy Agency violates Iraq's expectations: your production in 2026 will reach 5.4 million barrels
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The International Energy Agency expected Iraq's production to rise during the year 2026 to 5.4 million barrels, which contradicts the expectations of the Oil Ministry, which confirms that it will reach production of 7 million barrels per day in 2025.
And the International Energy Agency said in its report yesterday that Iraq, which is the second largest oil producer in OPEC, will be the most increase in production in the group, with an increase of 1.3 million barrels per day, to reach its total production of about 5.4 million barrels per day by the year 2026.
The Iraqi Oil Minister, Ihssan Abdul-Jabbar, announced that his country is currently able to produce 5 million barrels of crude oil per day, and aims to reach 7 million by 2025.
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.
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.
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.
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. On Iran, these countries will do their capacity and speed to keep pace with the demand. "
It is difficult for Iraq to increase its production due to the financial crisis, and its current focus on investing in gas and alternative energy, because the country is almost completely dependent on oil in its financial revenues, which caused a financial crisis during the year 2020 after oil prices fell to less than $ 20