Iraq plans to increase oil production

Baku. 26 December. REPORT.AZ/ Growth in oil prices is expected next year against the background of a decline in world reserves and increase in demand in China and India. 

Report informs citing the Forexpf.ru, Iraqi energy minister Jabbar Al-Luaibi told reporters in Baghdad.

"I see a high probability that in the first quarter the oil market will come to a state of balance," Al-Luaibi said.

Notably, Iraq, which is the second largest oil producer of OPEC, with an average of 4.36 million barrels/day in October against 4.83 million barrels/day a year before. The country is actively preparing to increase production after the collapse of the OPEC+ agreement. For example, it is expected that in January the Iraqi government will issue a Chinese ZhenHua Oil Co permission to develop a field near Baghdad.

In recent weeks, Iraq has started test production at the Subba field, invited a number of companies to participate in the construction of an export pipeline from Kirkuk to the Turkish border, began the process of buying the Majnoon deposit from Royal Dutch Shell and announced plans to invite international energy companies to develop fields that are jointly managed with Kuwait and Iran.