Bloomberg: Iraq plans to increase oil exports from 2023

Iraq plans to increase oil exports by 1 million to 1.5 million barrels per day by 2025. This is reported Bloomberg with reference to the words of the representative of Iraq in OPEC.

To increase exports, Baghdad plans to restart the southern port of Khor al-Amayya and offshore pipelines, the publication reports the words of Mohammed Saadoun, CEO of the state-owned oil exporter SOMO and Iraq’s representative to OPEC. According to him, from 2023, the export capacity of the southern ports is planned to be increased by 150-200 thousand barrels per day. In October, the country exported 3.293 million barrels per day, Bloomberg reports citing data from the Iraqi Oil Ministry.

Mr. Saadoun said that the decision of the member countries of the OPEC + alliance to reduce oil production by 2 million barrels per day did not affect fuel exports from Iraq. According to him, the average price per barrel of Iraqi oil this year is $97. By 2028, Mr. Saadoun said, Baghdad plans to increase oil production to 5-5.5 million barrels per day. On November 12, Iraqi Prime Minister Mohammed Shia al-Sudani said that the country produces 4.652 million barrels per day, Bloomberg reports.

On October 5, the OPEC+ alliance reduced oil production quotas. As a result of the agreement reached, the quotas of Saudi Arabia and Russia decreased by 500 thousand barrels per day. At the Saudi Arabian Foreign Ministry, explained “purely economic” reasons, but the American side insists on the market groundlessness of production cuts and the need to reconsider the decision.

June in Iraq declaredthat they are going to increase oil production to 8 million barrels per day by 2027. In October, it became known that in Iraq, together with Gazprom, are planningincrease oil production at the Badra field.

Read more about the reduction in production of the OPEC + alliance – in the material “Kommersant” OPEC+ dried up its sleeves.

Erdni Kagaltynov