Iraq will increase oil production, despite the return of Iran

Iraq will increase oil production, despite the return of Iran


KUWAIT, January 21. /Corr. Vasily Vavilin/. Iraqi oil company reached a record level of production, the demand for Iraqi oil is growing, despite the crisis and the lifting of sanctions with Iran. On Thursday in interview to Agency Reuters reported the oil Minister of Iraq Adel Abdel Mahdi.

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“We in Iraq have no shortage of contracts, he said. So far, the demand for our products is higher than supply, despite the fact that Iran is back on the market”.

According to Mahdi, to the end of the year 2016 Baghdad has contracts with Chinese refineries.

“China’s oil will remain cheap,” he said.

According to his statement, the authorities plan to increase the production level to 400 thousand barrels per day to 4 million While the Mahdi stressed that the cost of extraction per barrel is about $10.

At the same time, the Minister expressed the view that the members of the Organization of countries-exporters of oil (OPEC) and the countries-manufacturers need to reach agreement and to reduce the level of production to ensure the growth of prices.

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Oil prices over 40 years

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