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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Al-Moussawi: Iraq has the capacity to increase its oil production to more than 5 million barrels per

    Rocky
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    Al-Moussawi: Iraq has the capacity to increase its oil production to more than 5 million barrels per Empty Al-Moussawi: Iraq has the capacity to increase its oil production to more than 5 million barrels per

    Post by Rocky Wed 28 Aug 2024, 4:58 am

    Al-Moussawi: Iraq has the capacity to increase its oil production to more than 5 million barrels per day

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    Economy News - Baghdad
    Director of the Iraq Energy Center, Dr. Furat Al-Moussawi, confirmed today, Wednesday, that Iraq possesses hydrocarbon materials and huge reserves that qualify it to increase its production in large quantities, noting that Iraq is currently capable of producing 4 million and 650 thousand barrels of oil per day, but due to the OPEC Plus agreement, there are voluntary and mandatory restrictions limiting its production to 4 million barrels per day.
    Al-Moussawi said in a televised interview followed by "Al-Eqtisad News" that Iraq is capable of producing more than 4 million barrels per day of crude oil, but its commitment to OPEC members is limited to exporting 4 million barrels per day, indicating that if we add the fifth and sixth licensing rounds, Iraq's production will rise to more than 5 million barrels per day, but it needs great effort, pumping money and a large infrastructure to export this quantity.
    He added that Iraq cannot export it even if it reaches this amount of production for several reasons. First, the current oil export pipelines are not complete. Second, the platforms through which the oil is carried are not ready and are not sufficient for these quantities. He explained that two months ago, the government approved the construction of a third export pipeline through the Strait of Hormuz, which needs about three years to be completed and put into service.
    He pointed out that the only way to increase production is for Iraq to enter into new negotiations with OPEC members, which is what Iraq seeks, as the UAE did a while ago by increasing its production share by about 300,000 barrels per day. He noted that the Iraqi investment environment is still not attractive and there are several service contracts that it operates under in oil licensing rounds that major foreign companies consider unprofitable. 
     


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