Iraq plans to boost oil manufacturing capability above 6 million bpd by 2029

CAIRO (Reuters) – Iraq plans to boost oil manufacturing capability to greater than 6 million barrels per day (bpd) by 2029, the state information company reported Iraq’s oil ministry as saying on Sunday.

Oil ministry undersecretary Bassem Mohamed Khodeir instructed the company that Iraq goals to attain its goal by means of oil exploration and nationwide drilling exercise, pointing to a latest take care of oil main BP to redevelop 4 Kirkuk oil and gasoline fields.

Iraq’s present oil output stands at about 4 million bpd, oil ministry officers say.

It’s the second-largest producer inside the OPEC+ group comprising the Group of the Petroleum Exporting Nations and allies together with Russia and final month reaffirmed dedication to the group’s output settlement. Iraq additionally stated it could current an up to date plan to compensate for any earlier overproduction.

OPEC+ is reducing output by 5.85 million (bpd), equating to about 5.7% of worldwide provide, in a sequence of steps agreed since 2022 and is ready to start scheduled provide will increase in April.

(Reporting by Menna Alaa El-Din and Muhammed Al Gebaly; Writing by Menna Alaa El-Din; Modifying by Elaine Hardcastle and David Goodman)