Energy Headlines

August 30, 2016

Iraq capable of crude production of at least 6 million b/d by 2020: minister

Iraq hopes to boost its crude exports to 3.3 million b/d by the end of this year, oil minister Adel Abdul-Mahdi said Friday, though Baghdad has revised down its 2020 crude production target from a previous 9 million b/d to around 6 million b/d.

Speaking ahead of a meeting of OPEC ministers in Vienna, Abdul-Mahdi also said the Kurdistan region had yet to boost northern exports to the agreed level of 550,000 b/d in 2015.

Last month, Iraq's crude exports averaged 3.145 million b/d, up 68,000 b/d from April, marking a record high for the second consecutive month.

"I think we are approaching 3.2 [million b/d] and maybe by the end of the year we will hit 3.3 [million b/d]," Abdul-Mahdi said.

Current Iraqi production is around 3.6 million b/d, according to the latest Platts' estimates.

Asked if Iraq was still hoping to boost production to an ambitious 9 million b/d by 2020, Abdul-Mahdi said he thought that target was "exaggerated."

"I think Iraq is capable of producing at least 6 [million b/d] by 2020. This is our scheduled planned target," he said.

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