Iraq should increase oil production capacity

The Iraqi cabinet approved this Sunday a plan to elevate the country's crude oil production capacity to 6.5 million barrels a day up to 2022, according to a government communiqué.

The Iraqi oil minister, Jabar al-Luaibi, said in January that the capacity currently is close to 5 million bpd. The country is producing more than 4.4 million barrels per day, according to an agreement between the 14 members of the Organization of Petroleum Exporting Countries (OPEC) and other exporters, including Russia, to cut the supply and increase oil prices.

OPEC's second largest producer, after Saudi Arabia, is planning to grant oil and gas exploration and development contracts in 11 new blocks on April 15. The Iraqi government depends on the sector for more than 90% of its income. Source: Extra newspaper.

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