SULAIMANI (ESTA) — Iraq’s oil minister Ihsan Abdul Jabbar said on Wednesday that oil at $75-$80 a barrel was a fair price for producers and consumers.
Oil prices traded above $83 a barrel on Wednesday, their highest since October 2018, amid a global energy crunch and a decision by OPEC and its allies to stick to a small increase in production next month.
The Iraqi minister told Energy Intelligence Forum that Iraq aimed to raise its oil production capacity by some 3 million barrels per day (bpd) to 8 million bpd by the end of 2027.
The country is also targeting raising its crude export capacity to 6 million bpd from 4 million bpd now by the end of 2024, he said.
Talks with the U.S. oil major Chevron Corp on developing the Nasiriyah oilfield, which is estimated to hold about 4.4 billion barrels of crude, could reach final agreement in the next few weeks.
He further said the Iraqi National Oil Company (NOC) will hold a stake of no less than 40% in the joint partnership with TotalEnergies in a project the French major is developing in the country.
On Tuesday, the Iraqi cabinet approved the NOC participation with Total as financing partner in the country’s mega project in Basra.
Total Energies will build four energy projects in southern Iraq under a $27 billion deal signed in Baghdad September.
