Iraq plans to increase oil production above 6 million barrels per day by 2029

Iraq plans to increase oil production to 6 million barrels per days (bpds) or more by 2029. This was announced on Sunday by the Iraqi oil ministry, according to Iraq's state news agency.

Bassem Mohammed Khodeir, the undersecretary of the Oil Ministry, told Reuters that Iraq aims at achieving its target by oil exploration and drilling activities across the country. He cited a recent agreement with oil giant BP for redevelopment of four Kirkuk oil fields and gas fields.

Officials from the oil ministry say that Iraq's current production of oil is around 4 million barrels per day.

Last month, it reaffirmed its commitment to the output agreement of the OPEC+ Group. This group includes the Organization of Petroleum Exporting Countries (OPEC) and their allies. Iraq said it will also present an updated compensation plan for previous overproduction.

OPEC+ has agreed to cut output by 5,85 million barrels per day (bpd), which is equivalent to 5.7% of the global supply. It is now set to increase supply in April. Menna alaa El -Din, Muhammed Al Gebaly and Elaine Hardcastle edited this article.

(source: Reuters)