Iraq's oil minister Ihsan Abdul-Jabbar revealed their country's plan to increase oil output capacity by 8 million barrels per day (bpd) by the year 2029. Currently, OPEC's second largest oil producer generates 4.8 million bpd and if the plan materializes they could reach 12 million bpd.
The ministry intends to effect gradual increase in production through the country's major oil fields such as the Majnoon, Zubair and Rumaila fields which aggregately have the capacity to double their production.
Abdul-Jabbar stated that the plan aims to curtail the country's need to import fuel. They are also looking for ways to increase production capacity in the natural gas sector for the same goal, reduced dependence on supplies from abroad.
By the year 2025 they will be targeting to increase production between 4 and 5 billion cubic feet compared to the current levels of 1.5 billion cubic feet.
In support of this undertaking they will be constructing an extension pipeline from Basra to the port of Aqaba in Jordan. The framework agreement for this has been reached and Abdul-Jabbar is confident that the project will be implemented within a year.
He stressed however, that the current plans do not go against their OPEC+ agreement in production cuts in order to maintain the stability of oil markets.