Oil Minister Jabbar al-Allaibi said on Saturday that Iraq’s production capacity is close to five million barrels per day (bpd), but the country will fully comply with the target production rate under a global agreement to cut supplies.
Al-Luaibi said after an energy conference in Abu Dhabi that oil production from Iraq is currently about 4.3 million barrels per day.
He said an agreement to cut oil production between OPEC and non-OPEC producers should continue despite a strong rise in oil prices, noting that oil markets still need more time to stabilize.
On the other hand, said Allaibi that the ministry plans to conclude three contracts with international gas companies by the middle of this year for the use of gas in the south of the country.
And that Iraq is planning to eliminate the burning of gas associated with the extraction of oil without exploitation by 2021.