Iraq's ambitious plans to more than double oil production
Iraq plans to raise its oil export capacity to 6 million barrels per day in 2017, 5 million barrels in 2016, 3.75 million in 2015, 3.5 million in 2014 and 2.9 million in 2013, the country's oil minister said yesterday.
Foreign investment in developing oilfields in the country in the last two years, apart from Kurdistan, reached $15 billion, Abdul Kareem al-Luaibi said at a conference. That's "a good figure amid the conditions Iraq is going through."
"We expect exports for this month to be more than 2.6 million barrels per day. So far they are at 2.6 million barrels per day, and output is at 3.2 million," the minister told reporters.
Luaibi said that Iraq's current crude output stands at 3.2 million bpd, adding that next year oil production will rise from Gharraf, Badra, Majnoon, Halfaya and Ahdab oilfields.
- Oman’s Duqm tourist complex moves forward with government approval
- Kuwait fights budget deficit: Reexamining government salaries, expatriate labor
- Tunisian Confederation of Industry, Trade, and Handicrafts fights nationwide unemployment levels
- Construction costs fall in Dubai
- Western tourists flock to Iran, could generate $30B in new revenue
- Iraq plans to raise oil output to 6 million bpd
- Iran announces plans to produce four million barrels of oil per day by 2016
- During 2000-04, Qatar’s nominal GDP is estimated to have grown at a CAGR of 12.5%
- Oil companies in Iraq too ambitious
- Experts question if Iraq's ambitious employment plan is possible