Iraq plans to increase oil production to 8 million barrels per day by 2027

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“Iraq is accelerating to increase its oil production capacity. There are many large projects to increase production capacity. and aims to achieve peak production of 8 million barrels per day by the end of 2027,” Oil Minister Isan Abdul-Jabbar Ismail told Iraqi state media.

Iraq is currently working on several projects in the country’s oil fields. especially in the southern province of Basra

“Iraq’s oil export ceiling was 3.8 million barrels per day in June. and 3.85 million barrels per day in July,” Ismail said.

On June 1, the ministry revealed the volume of crude oil exports for the month of May. at about 102 million barrels, or 3.3 million barrels per day on average.

Mr Ismail released the above plans after OPEC and its allies. Or OPEC Plus decided to increase oil supply in July. and August, significantly with an effort to stabilize the high oil price

The Iraqi economy is heavily reliant on crude oil exports. which accounts for more than 90% of the country’s income.

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