SULAIMANI (ESTA) — Iraq aims to increase crude oil export capacity from its southern ports to 6 million barrels per day from the current 3.5 million barrels a day capacity, an official said in a statement.
Iraqi deputy oil minister for distribution affairs Karim Hattab said the increased capacity would be after 2023 and that the plan includes building 24 storage tanks, according to Reuters.
Iraq, OPEC’s second-largest producer of crude, is facing an economic crisis over falling of oil prices and an OPEC+ agreement to cut production by more than one million barrels per day as well as the coronavirus pandemic.
A large portion of Iraq’s budget relies exclusively on oil exports while the oil prices have plummeted amid the global recession due to the pandemic.
Iraq’s economy will contract 12% this year, more than that of any other OPEC member under a production quota, according to International Monetary Fund forecasts.
