Iraq plans to increase oil production capacity.

Iraq plans to increase oil production to 6 million barrels per day by 2029

The government news agency reports that Iraq intends to increase oil production to over 6 million barrels per day by 2029. The Deputy Minister of Oil, Bassem Mohamed Khodair, stated that this goal is planned to be achieved through exploration of oil fields and conducting drilling activities throughout the country.

One of the steps towards achieving this goal was an agreement with oil giant BP for the restructuring of oil and gas production in Kirkuk. Currently, Iraq produces approximately 4 million barrels per day.

Iraq is the second-largest oil producer among OPEC+ countries. Authorities have also confirmed their commitment to the group's agreement on production volumes and assured compensation for exceeding production. The OPEC+ group reduced production by 5.85 million barrels per day, accounting for approximately 5.7% of global supplies, and plans to increase production from April 2022.