Free Trial

Iraq Eyes 2mn bpd Capacity Additions By 2027

OIL

Iraq plans to increase its oil production capacity to around 7mn bpd in 2027, head of SOMO told Reuters.

  • Iraq targets to raise its current oil capacity from 5mn bpd to 7mn bpd in 2027, according to SOMO.
  • Iraq produced 4.651 mn bpd in October, in line with its production quota under the OPEC+ agreement.
  • The capacity increase will come from the country’s giant fields currently undergoing development including Rumaila, Lukoil West Qurna 2 and green fields that are in development stages or early production, showing output potential.
  • "The increase in these production rates will take place in coordination with OPEC and according to the decisions taken in line with oil market requirements", head of SOMO, Alaa Alyasri, said.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.