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Iraq nears oil output capacity of 5 million bpd

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Staff Writer | January 13, 2018
Jabar al-Luaibi
Oil exploration   Iraqi Oil Minister Jabar al-Luaibi:

Iraqi Oil Minister Jabar al-Luaibi said that the OPEC member's oil output capacity is nearing 5 million barrels per day.

The country will remain in full compliance with its output target under a global pact to cut supplies.

Luaibi said the supply cut agreement between OPEC and non-OPEC producers should continue despite a rise in oil prices.

"The market now is not 100 percent stable," he said, adding that current oil prices could be sustained, but there might be some fluctuations.

The deal between the Organization of the Petroleum Exporting Countries and Russia to cut 1.8 million barrels per day of crude, which started in January 2017, is due to last until the end of 2018.

Luaibi said current Iraq's oil production is about 4.3 million barrels per day.


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