Iraq will increase oil production to 5 million barrels

But In order to raise funds to keep the economy, Iraq said it plans to increase production of oil daily to 5 million barrels by the end of 2017.  The information was given by the country's Oil Minister Ali Al-Jabar Luaibi.

Currently, Iraq has daily production of oil by 4.4 million barrels, which is responsible for 95% of the country's budget revenue. However, like other producers, Iraq was one of the countries that have agreed to reduce oil production by 1.8 million barrels / day for six months in order to boost the commodity. Under the agreement, the Iraqis would have to reduce production to the total 4,351 million barrels.

According to Al-Luaibi, there are positive elements in the pact, but the country has achieved its goals. However, the minister does not state whether the country will support a possible extension of the cuts if the producers decide to continue the agreement.

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