Government official: Iraq seeks to produce 8 million barrels of oil in 2029

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[size=52]Government official: Iraq seeks to produce 8 million barrels of oil in 2029[/size]

[size=45]A government official revealed Iraq's desire to raise its oil production to 8 million barrels per day in 2029, stressing that the increase will be accompanied by a plan to develop exports, but he called for the provision of appropriate financial allocations to carry out this task.[/size]
[size=45]The Director of Market Research at SOMO Company, affiliated with the Ministry of Oil, Muhammad Saadoun, said, "OPEC and the countries allied with it have achieved a historic achievement after oil prices witnessed a sharp decline at the beginning of 2020 as a result of the repercussions of the Corona epidemic on global demand."[/size]
[size=45]Saadoun, Iraq's representative in the Organization of the Petroleum Exporting Countries, added that "this historic and courageous agreement led to a 23% reduction in oil production, including all member states," noting that "the organization then resorted to a gradual increase."[/size]
[size=45]He pointed out that "all countries have committed to this reduction, which is 13 countries for OPEC, and 10 countries for (OPEC Plus), and the total is 23 countries."[/size]
[size=45]And Saadoun said, "The increase also took place in equal proportions and parallel to production," stressing that "the countries agreed in 2018 on a reference production ceiling that set for Iraq 4 million and 653 thousand barrels."[/size]
[size=45]He noted that "this ceiling was determined by neutral parties that estimated production for the member states," and considered that "the reduction process was fair and proportional to the volume of production for each country."[/size]
[size=45]Saadoun stated, "Iraq is the second producer country in OPEC and a founding country for this organization," pointing out that "Iraq is a country that participates in the policies and decisions of the international organization."[/size]
[size=45]He continues, "The statistics show that the reduction was initially by 9 million and 700 thousand barrels, then it decreased to 7 million and 900 thousand barrels, and then to 3 million and 600 thousand barrels, and the reduction since the beginning of this year has left only one million and 200 thousand barrels." .[/size]
[size=45]And Saadoun indicated, "The eighth month of this year will witness the return of all countries, including Iraq, to ​​the normal situation," adding that "Iraq will be able to produce oil with the reference ceiling for 2018 by 4 million and 653 thousand barrels."[/size]
[size=45]He continues, "The international organization has achieved what it promised to stabilize the market, and prices have witnessed a recovery after the barrel in 2020 was about 30 dollars, and the price rose to 60 dollars in 2021, while this year it is at a rate of 115 dollars."[/size]
[size=45]Saadoun denied, "the possibility of a new decision regarding production in the coming months, as countries are preparing to return to their normal production."[/size]
[size=45]And he spoke about "estimates indicating that Russian oil has been affected by the war with Ukraine and that supplies have declined by about one million to one million and 500 thousand barrels during this year."[/size]
[size=45]Saadoun cautioned, “All agencies indicate that prices will be at a rate of $115 a barrel, but the new thing is the expectation that the crisis will continue for two years, and he expected prices in 2023 and 2024 to be at a rate of $120 a barrel, and this is a very large number after expectations ranged between 85 to $90.[/size]
[size=45]And he added, "Production of one barrel in Iraq costs from 9 to 12 dollars, and these costs are based on access to export ports."[/size]
[size=45]Saadoun stated, "The current price situation will enhance the country's revenues, and we aspire by providing allocation to increase production significantly over the coming years to reach 8 million barrels in 2029."[/size]
[size=45]He continues, "The increase will be at a rate of one million to one million and 250 thousand barrels in 2025, and then it will escalate to the levels we aspire to."[/size]
[size=45]And Saadoun, that «this plan must be accompanied by another plan in order to increase export capabilities, and all this requires the provision of more financial allocations».[/size]
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