Iraq’s average oil export rate for January will be 3.3 mln bpd: minister

Iraqi Oil Minister Ihsan Abduljabbar speaks during an interview with Reuters in Basra, Iraq May 18, 2019. (Reuters (Photo)

SULAIMANI (ESTA) — Iraq’s oil minister Ihsan Abdul Jabbar said on Thursday the country’s average oil export rate for January will be 3.3 million barrels per day (bpd).

Abdul Jabbar told reporters that Iraqi would also commit to the Organization of Petroleum Exporting Countries’ (OPEC) gradual increase of 400,000 bpd each month, according to Reuters.

In November, Abdul Jabbar said the government planned to increase oil exports to 3.4 million bpd in the first quarter of 2022.

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.

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