Iraq plans to export 6.5 million barrels of oil in 2022


Iraq’s cabinet on Sunday approved a plan to increase crude oil production in the country to 6.5 million bpd by 2022, a government statement said.
Iraqi Oil Minister Jabbar al-Luaibi said in January that the current production capacity is close to five million barrels per day.
Iraq produces more than 4.4 million bpd, in line with the 14-member Organization of the Petroleum Exporting Countries (OPEC) agreement and some outside producers, including Russia, to cut supplies to boost crude prices.
Iraq, OPEC’s second largest producer after Saudi Arabia, plans to award oil and gas exploration and development contracts in 11 new concession areas on April 15.

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