Iraq plans to increase oil production to 10 million barrels per day within six years

🔸 The Prime Minister of Iraq said the country plans to raise its oil production to 9 to 10 million barrels per day within six years. This figure is more than double Iraq’s production level before the start of the Iran–U.S. war.

🔸 The goal is announced while Baghdad is also working to expand alternative routes for exporting oil and reduce dependence on the Strait of Hormuz. In the past week, it approved a new mechanism for exports via several routes.

🔸 Ali al-Zaidi said on Friday, 30 Mordad, at a meeting in Baghdad that the Iraqi government is working to increase the country’s share within the framework of OPEC Plus, and that its goal is to reach daily production of 9 to 10 million barrels in the next six years.

🔸 Baghdad has also recently asked OPEC to increase Iraq’s production quota, citing the consequences of the war.

🔸 Before the start of the 40-day war between the United States and Israel with Iran, Iraq produced about four million barrels of oil per day and exported an average of 105 million barrels per month. Most of these exports were carried out through the Basra oil terminal and via the Strait of Hormuz.

🔸 Severe restrictions on ship traffic through the Strait of Hormuz after the start of the war sharply reduced Iraq’s oil exports, and at one point the country had to stop production in most of its oil fields because storage tanks were filling up.

🔸 Al-Zaidi said the closure of the Strait of Hormuz is a “major challenge” for Iraq, and Baghdad is trying to increase oil exports via the port of İskenderun in Turkey as well as Banias in Syria and Aqaba in Jordan.

🔸 Read the full report on the Radio Farda website.