Iraq has stepped up oil production to record levels before OPEC meeting


In 2016, Iraq has raised oil production to a record level, according to Bloomberg. This occurs against the background of negotiations with oil-producing countries to freeze the growth of oil production, to be held in Doha on April 17.

According to the Agency, in January oil production in Iraq amounted to a record 4.43 million barrels per day. In February, production increased to 4,46 million barrels a day, and in March rose to 4,55 million barrels a day.

The country began to put more oil on the global market: in March, exports amounted to 3.81 million barrels per day compared to the 3.23 million barrels per day a month earlier.

Iraq is on the level of oil production the second place among the countries of the OPEC (leader — Saudi Arabia). According to the International energy Agency, the country ranks fifth in the world in oil reserves.

In February, Russia, Saudi Arabia, Venezuela and Qatar made a proposal to limit oil production in 2016 at the level of January, if the agreement will be joined by other countries. The limitation should help stabilize oil prices.

The meeting, which will discuss this issue, will be held in Doha on April 17. Their participation in the meeting confirmed 12 countries, announced March 31, the oil Minister of Qatar Mohammed bin Saleh al Sada. According to him, this is Saudi Arabia, Russia, Kuwait, UAE, Venezuela, Nigeria, Algeria, Indonesia, Ecuador, Bahrain, Oman and Qatar itself.

Iraq, according to Bloomberg, have supported this initiative, however, has not confirmed its willingness to freeze its own production and to participate in the negotiations on this issue.

Previously Iran has officially refused to join in these negotiations. In Tehran said that will not restrict production as long as the country will not “docaction” the level of oil exports. April 1, Deputy crown Prince and defense Minister of Saudi Arabia Mohammed bin Salman in an interview with Bloomberg stated that Saudi Arabia will limit oil production, if the agreement will not join Iran and other major producers.