SULAIMANI (ESTA) — Iraq’s state oil marketing company, SOMO, said on Saturday Iraq sees no need to take any decision to increase its production capabilities beyond what has already been planned for OPEC countries.
In the light of increased demand for energy, Iraq sees the OPEC+ agreement raising its output by 400,000 barrels per day (bpd) a month, sufficient to meet demand and stabilize the market, SOMO added in a statement, according to Reuters.
For Iraq, OPEC’s second-largest producer, oil revenue represents at least 95% of its income. It has been hit by the collapse in demand and oil prices last year, caused by the COVID-19 pandemic.
Iraqi oil ministry said last week that the country had added up to $16 billion of additional oil revenue to this year’s budget for the current financial year.
“The additional revenues achieved by the ministry of oil in the federal general budget for the fiscal year 2021 will reduce inflation and the volume of debt,” ministry spokesman Assem Jihad said.
