Investment in Iraqi Oil Sector could Double the Iraqi Reserves: Al-Allaibi

The Iraqi Minister of Oil Jabbar Al-Allaibi issued a statement and confirmed that Iraq currently has 145 billion barrels of solid reserves. He stressed that investment in this sector would increase its capability at more than 250 billion barrels. He pointed out on the lack of discussion on leaving from the agreement of current supply reduction. Al-Allaibi added in his press statement that Iraqi government is fully committed and contributing in the reduction of production agreement. He said that any kind of discussion regarding the subject should wait until December.

Investment in Iraqi Oil Sector could Double the Iraqi Reserves: Al-AllaibiA British newspaper Life reported that Al-Allaibi indicated that Iraqi ministry of oil and Iraqi government doesn’t have any concern regarding the current prices. He also described it as a normal fluctuation. He pointed out that Iraq is planning to increase its oil production by 2.3 million barrels. It would enable to produce a total production at 7 million barrels by the year 2020. He said that Iraq is currently having 145 billion barrels of confirmed reserves. He also stressed on the importance on investment in this sector. He confirmed that a significant amount of investment in this sector would increase this rate to 250 billion barrels. He also said that Iraqi government is planning to build 7 refineries by the year 2021.

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