Iraq increases oil production

Baku. 21 January. REPORT.AZ/ Iraqi oil companies have reached a record level of production, while the demand for Iraqi oil is growing, despite the crisis and the lifting of sanctions against neighboring Iran.Report informs citing the TASS, Iraqi Oil Minister Adel Abdel Mahdi said that in an interview with Reuters.

"We have no shortage of contracts in Iraq, - he said - To date, demand for our products is higher than the offer, despite the fact that Iran has returned to the market. "According to Mahdi Baghdad has contracts with Chinese refineries until the end of 2016.For China, oil prices remain cheap ", the minister said.

According to his statement the authorities plan to increase production level by 400 thousand barrels per day up to 4 million. At that, Mahdi stressed that the cost of producing a barrel is about 10 USD.