Iraq is on its way to 2030 to produce nearly six million barrels of crude oil a day, which will make the country the third largest oil supplier in the world, the International Energy Agency said.
The International Energy Agency’s extensive report found that Iraq’s production over the next decade could increase by an impressive 1.3 million barrels per day to a total of 5.9 million barrels per day.
“Iraq is and will remain one of the key pillars of the oil market in the coming years,” IEA President told reporters Thursday.
The agency recognizes a number of potential barriers to the prospects for Iraq, including world market conditions, foreign investment, political stability and a steady supply of water needed for real oil production.
Meanwhile, black gold prices recovered their levels, and on Thursday jumped further to a nearly six-month high of $ 75.60 a barrel.
This is in the face of supply concerns as the United States said it would end the sanctions release next month for eight countries importing Iranian crude oil.
Iraqi oil minister Thamer al-Ghadban said on Thursday that his country could increase its production to meet the scarcity, but it would only do so in coordination with OPEC counterparts.
“Iraq does not take unilateral decisions,” Gaban said.
“We have enormous capacity to increase, but we know that it is important to keep market stability and remove the surplus of oil on the market,” he told reporters.
He said the OPEC countries will meet in Saudi Arabia on May 19th.