SULAIMANI (ESTA) — Iraq plans to increase oil production to eight million barrels per day (bpd) by the end of 2027, the country’s oil minister said on Tuesday.
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.
“The ministry of oil plans to increase oil production to eight million barrels per day at the end of 2027,” Ihsan Abdul Jabbar told the Iraqi news agency INA.
The oil ministry’s spokesman Asim Jihad also told INA that oil-producing countries reconsidered their plans due to the challenges facing the oil market.
“The increases have become calculated according to the variables and developments of the oil market, and that it is not possible to predict what the oil market will be like,” Jihad said.
