Home / Energy and Environment / Iraq nears oil output capacity of 5 million bpd, says committed to OPEC cuts

Iraq nears oil output capacity of 5 million bpd, says committed to OPEC cuts

ABU DHABI (Reuters) – Iraqi Oil Minister Jabar al-Luaibi said on Saturday that the OPEC member’s oil output capacity is near reaching 5 million barrels per day, but the country will remain in full compliance with its output target under a global pact to cut supplies.

A view shows the al-Shuaiba oil refinery in southwest Basra, Iraq April 20, 2017. REUTERS/Essam Al-Sudani

Luaibi, who was speaking at an industry conference in Abu Dhabi, also said that his ministry plans to conclude three contracts with international gas companies by mid-2018 to utilize gas from the south of the country.

He said that by 2021, the country plans to “reach zero gas flaring”.

Iraq is forced to flare some of the gas produced alongside crude oil as it lacks the facilities needed to capture and process it into usable fuel.

Reporting by Rania El Gamal; editing by Alexander Smith

About Staff

Check Also

Gasunie launches open season to gauge interest in planned German LNG terminal

Dutch natural gas infrastructure operator Gasunie and its partners Wednesday launched an open season to …

Kazakh refinery exceeds oil refining plan

17 January 2018 16:30 (UTC+04:00) Access to paid information is limited News on the website …

Crude futures: ICE Brent crude retreats further, undergoing correction after rally

1200 GMT: Crude futures continued to ease in European morning trading Wednesday, with ICE Brent …