+44(0) 800 772 3004

Oil Minister: Oil Prices Stablising

News follows OPEC production increases announced in June

Iraq Minister of Oil Jabar al-Luaibi believes oil prices are approaching stability, according to a statement released on Monday. 

The Ministry have plans in place to raise oil production to above 7.5 million barrels per day (bpd) by 2023-24, which will consist of 1.5 million bpd for domestic consumption and the remaining 6 million bpd for export.

Domestic consumption is currently around 1.2 million bpd but with the country's refining capacity at only 670,000 bpd Luaibi has revealed the gap is covered by fuel imports costing $2billion per year.

With numerous new refinery build projects in the pipeline, in addition to the repair and maintenance being carried out to the damaged Baiji refinery, additional refining capacity will help the county's plans to become self sufficient in oil products, thus freeing a huge amount of money for the local economy and other services.

Source: Reuters


Read more news like this