Oil & Gas 360 Publishers Note: With the oil majors turning to Green Energy, and reducing oil production, this will leave Iraq having more influence on world oil prices and supply. Not necessarily a good thing, especially when they are not following OPEC’s guidelines and policies.
Iraq’s oil minister expects an uptick in the market by Q2 2021
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 slowed down some of the nation’s projects. “There were many development delays but nothing was cancelled and I would stay with this commitment to reach 7 million bpd in 2027,” he said.
He also noted that he expects the second quarter of 2021 to be “more positive when we speak about the oil market and price.”
