Iraq seeks to raise oil production to 8 mln bpd by 2027

BAGHDAD, June 19 (Xinhua) -- Iraq seeks to raise its crude oil production to 8 million barrels per day (bpd) by the end of 2027 to fulfil its commitment to export quota within the Organization of the Petroleum Exporting Countries (OPEC), Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail said Sunday.

"Iraq is working to increase its capabilities to raise its oil production capacity, and we have large projects to increase production, and we are committed to reaching the peak production of 8 million bpd by the end of 2027," Ismail told official Iraqi News Agency.

Projects are underway in Iraqi oil fields, especially in the southern province of Basra, according to the minister.

"The ceiling of Iraqi oil exports in June is 3.8 million bpd and July 3.85 million bpd," he noted.

On June 1, the Iraqi Oil Ministry said it had exported about 102 million barrels of crude oil in May, with an average of 3.3 million bpd.

Ismail's remarks came after by the OPEC and its allies, collectively known as OPEC+, decided to significantly raise oil supply in July and August in an effort to stabilize the surging oil prices.

Iraq's economy heavily relies on crude oil exports, which account for more than 90 percent of the country's revenues.