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OPEC approves Iraq’s boost to 4.5 million bpd this summer

PM:06:54:14/05/2022

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SULAIMANI — Iraq’s representative in OPEC said on Saturday (May 14) the international oil organization has agreed to the country increasing its oil output to 4.5 million barrels per day (bpd) starting this summer, Iraqi News Agency (INA) said.

Muhammad Saadoun, the Iraqi representative, said there will be an increase of 50,000 barrels a month during the period of July, August and September, bringing the country to the level of its reference production.

Saadoun also said oil prices are projected to stay above $100 a barrel until the third quarter of 2022.

OPEC +, an alliance of OPEC and non-OPEC members, decided on a gradual increase in oil production of 400,000 barrels per day for the month of March. The organization has repeatedly shown its approval for increasing oil production in Iraq.

The country exported 4.43 million bpd in April, toping its OPEC + quota for the month, according to the State Organization for Marketing Oil (SOMO).

(NRT Digital Media)