Daily Management Review

Iraq sets to produce 7 million barrels of oil per day by 2025


Iraq will be able to increase oil production to 7 million barrels a day by 2025, the country's oil minister Ihsan Abdul Jabbar said on Sunday.

"We are now capable of producing 5 million barrels per day. We can reach a production level of 7 million barrels per day by 2025," the INA agency quoted the minister as saying.

The minister assessed the visit of the Iraqi government delegation to the United States as "very good" in terms of discussing economic cooperation.

According to him, the Iraqi authorities need now to think about other sources of energy besides oil, since the demand for it will decrease by 2030.

The minister added that the licensing contracts "helped Iraq to maintain its second place in OPEC," while these contracts have both pros and cons. The minister is convinced that the recently signed contract with the American company Chevron will make Iraq a leader in fuel production.

Ihsan Abdul Jabbar also said that by 2025 Iraq will stop importing gas.

The US and Iraq previously signed $ 8 billion in energy contracts.

Specifically, Chevron and the Iraqi Oil Ministry have defined the scope for exclusive exploration, development and production of oil in Dhi Qar province. 

source: reuters.com