Iraq Plans To Raise Oil Production Capacity Above 6 Million Bpd By 2029

CAIRO: Iraq aims to increase its oil production capacity to over 6 million barrels per day (bpd) by 2029, according to a report from the state news agency citing the oil ministry on Sunday, per Reuters. 

The undersecretary of the oil ministry, Bassem Mohamed Khodeir, informed the agency that Iraq seeks to reach its goal through oil exploration and drilling efforts across the country, highlighting a recent agreement with major oil company BP (BP.L) to initiate redevelopment of four oil and gas fields in Kirkuk. Oil ministry officials have reported that Iraq's current oil production is approximately 4 million bpd.

Iraq targets 6M bpd production.

Iraq ranks as the second-largest producer in the OPEC+ coalition, which includes the Organization of the Petroleum Exporting Countries and its partners, such as Russia. 

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Last month, it reaffirmed its dedication to the group's production agreement. Iraq also announced it would provide a revised plan to address any past overproduction. OPEC+ has reduced production by 5.85 million barrels per day, which represents approximately 5.7 per cent of worldwide supply, through a series of measures established since 2022. It is poised to start planned supply increases in April.