AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Markets

Iraq on track to be third oil supplier in 2030: IEA

BAGHDAD: Iraq is on track to produce nearly six million barrels of crude daily by 2030, the International Energy Age
Published April 25, 2019

BAGHDAD: Iraq is on track to produce nearly six million barrels of crude daily by 2030, the International Energy Agency said Thursday, which would make it the world's third biggest oil supplier.

The IEA's wide-ranging report found that Iraq's production in the next decade could increase by an impressive 1.3 million barrels per day to a total of 5.9 million bpd.

"Iraq is and will remain one of the key pillars of the oil market in the years to come," IEA head Fatih Birol told reporters on Thursday.

The optimism stemmed from Iraq's 50 percent increase in oil production since 2012, Birol said, despite several years of low prices and the devastating rampage of the Islamic State group across a third of the country.

"It shows the resilience of the Iraqi oil industry," said the IEA's executive director.

The agency acknowledged a range of potential roadblocks to its outlook, including global market conditions, foreign investment in Iraq, political stability and a steady supply of the water needed to actually produce oil.

Iraq is currently the fifth-largest oil producer worldwide, and the second-largest from among the Organization of the Petroleum Exporting Countries (OPEC).

Iraq has the capacity to produce 4.6 million bpd, but last month exported just under 3.4 million bpd after agreeing to trim its oil production alongside others so prices would go up.

Prices have indeed enjoyed a strong recovery, jumping even further Thursday to a nearly six-month high of $75.60.

It came amid supply concerns as the United States said it would end sanctions relief next month for eight countries importing Iranian crude.

Oil minister Thamer al-Ghadban said on Thursday Iraq could boost its production to meet the shortfall but would do so only in coordination with fellow OPEC members.

"Iraq does not take unilateral decisions," said Ghadban.

"We have a huge capacity to increase, but knowing that, it is important to keep the market stable and remove the surplus of oil in the market," he told reporters.

Ghadban said OPEC countries would meet in Saudi Arabia on May 19.

"Until then, we have time to assess the market's needs and whether it requires an increase," he added.

Copyright AFP (Agence France-Press), 2019

Comments

Comments are closed.