Iraq Approves Raising Oil Output Capacity

Iraq Approves Raising Oil Output CapacityIraq Approves Raising Oil Output Capacity

The Iraqi Cabinet on Sunday approved a plan to raise the nation’s oil output capacity to 6.5 million barrels per day by 2022, according to a government statement. Iraqi Oil Minister Jabar al-Luaibi said in January capacity was currently close to 5 million bpd, Reuters reported. The country is producing more than 4.4 million bpd in line with an agreement between the 14-member Organization of Petroleum Exporting Countries and other exporters, including Russia, to cut supply to boost oil prices. OPEC’s second-largest producer after Saudi Arabia, Iraq, plans to award oil and gas exploration and development contracts in 11 new blocks on April 15. Iraq had initially set 21 June as the date to open the bids for the new blocks, located in border areas with Iran and Kuwait, and in offshore Persian Gulf waters. Bidding documents will be made available to oil companies planning to make offers on 13 April.

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