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[size=38]Oil expert: OPEC's export policy stands in the way of Iraqi oil exports[/size]
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July 27, 2024[You must be registered and logged in to see this link.]
Baghdad/Al-Masala: Oil expert Hamza Al-Jawahiri confirmed today, Saturday, that Iraq will continue to increase its oil production.
Al-Jawahiri said, “Iraq has an increase in its oil production capacity by one and a half million barrels per day, but to no avail due to international economic policies.”
He added, "The export policy set by the Organization of the Petroleum Exporting Countries (OPEC) is still a stumbling block to increasing Iraqi oil exports."
Al-Jawahiri pointed out that "Iraq has the ability and potential to increase its oil production annually."
OPEC Plus had previously decided to reduce oil production for member states, including Iraq, after the significant decline witnessed by the global market, and to increase demand for black gold again.
Since July 2023, Iraq has entered into a voluntary reduction in oil production of 220,000 barrels per day, which has been extended repeatedly.
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