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The Iraqi Oil Minister has urged to increase the production in 2017

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The Iraqi Oil Minister has urged to increase the production in 2017

The Iraqi Oil Minister has urged to increase the production in 2017
October 10
14:00 2016

The Iraqi Minister has called on the oil and gas producers, who work in the country, to continue to increase the production in 2017. This was reported by the Iraqi Oil Ministry on Sunday. Jabbar al-Laibi made his appeal at the meeting with the heads of the Iraqi oil sector in Basra, which is considered the center of the Iraqi oil production. The development plans of new deposits were being discussed at the meeting.

Currently, the participants of the organization, which export oil, are making an attempt to reach an agreement on the reduction of production volumes in the range of 32,5-33 million barrels per day in order to increase the prices of raw materials. Such an agreement may become the first for 8 years. The Ministry of Oil does not say a word about the agreement in Algeria in the statement.

Judging by the results of the research by Reuters, last month the total OPEC oil production became equal to about 33.6 million barrels per day. Also, Reuters estimated the production in Iraq at the level of 4.43 million barrels per day. Jabbar al-Laibi “confirmed the need for the further increase of the oil and gas production through the increasing the volume by local companies and foreign ones that have the license for the production in the country in 2016-2017”, informs the Ministry of Oil of Iraq.

Al- Laibi said that foreign companies “needed to reach a target level of oil production within the specified time.” In addition, according to al-Laibi, the Iraqi Oil Ministry plans to increase the production of associated petroleum gas (“APG”) by 350-450 million cubic feet (10-13 million cubic meters) per day in the coming year.

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