Iraq Will Increase its Oil Production to 5 Million Barrels

Iraq Will Increase its Oil Production to 5 Million Barrels

On Tuesday, the Parliamentary Committee of Security and Power issued a statement that Iraq is planning to increase its capability of oil production to boost up the economy with increasing its oil exports which is expected to reach more than five million barrels oil per day. A member of the committee also confirmed in an interview that we welcome new Iranian nuclear agreement with six powers. It is considered as an opportunity to restore the economic conditions and to increase the conditions of oil in the region.

He also said that Iraq is in the stage of economic development and empowering its oil production. Three months ago, the Iraqi oil productions were less than 3 million barrels but now this level has been reached near more than 4 million barrels. He also stressed that Iraq has planned to increase its oil production in a short amount of time in the near future and expecting that it would be reached at five million barrels. It is also confirmed that the Iraqi Oil Ministry is taking keen interest to increase oil exports in order to manage the Iraqi financial and economic problems, despite the demand of oil has been decreased globally which would reflect a negative impact on the economies in most of the oil exporting countries.

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