Iraq plans for 7 million bpd crude capacity by 2027

Iraq plans for 7 million bpd crude capacity by 2027

Iraq is planning to increase its crude production to 7 million barrels per day by 2027, Oil Minister Ihsan Abdul Jabbar said during the Iraq Petroleum conference."Even with OPEC cuts and even with a low price, Iraq's master plan is in line to achieve our target," he said. Al Jabbar noted that there would be a revised plateau, but that the nation's capacity "will not be less than 7 million bpd in 2027, so adding another 2 million bpd to our capacity is our target in the coming five to six years."Iraq is OPEC's second largest producer, following Saudi Arabia, and has fallen short of its commitments to cut production in line with agreements by OPEC+.Al Jabbar said that the production cuts