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Iraq aims to raise oil output to 7 mn barrels: minister

AFP  |  Kuwait City 

Iraq, the second largest producer in the cartel, plans to sharply increase its output capacity to seven million barrels a day by 2022, its said today.

now has an production capacity of five million barrels per day (bpd) but is pumping just over 4.7 million under an output cut agreement.

"Our target is to reach seven million bpd by 2022," said, while presenting available for private foreign investors.

Luaybi said sits on proven crude reserves of 145 billion barrels but he is confident the figure will jump to around 250 billion barrels with sufficient investment.

He said the war-battered nation plans to boost to seven billion cubic feet per day by 2021 from the current output of 2.7 billion cubic feet.

Luaybi called on foreign investors to seize huge investment opportunities in the where billions of dollars are required immediately in accordance with an Iraqi reconstruction plan.

He was speaking during the second day of the three-day Kuwait International Conference for the Reconstruction of where hopes to collect pledges totalling $88.2 billion.

The said Islamic State group attacks in Iraq had reduced the country's refining capacity from 930,000 bpd to just 450,000 bpd.

But reconstruction efforts have succeeded in regaining 70,000 barrels per day.

He outlined plans to build seven new refineries with a production capacity of 700,000 bpd by 2021.

Luaybi also outlined plans to build new pipelines and export facilities mainly in the

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 13 2018. 17:40 IST
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