Iraq Plans to Increase Oil Exports to 10 Million Barrels Per Day Within Six Years
Summary
Iraq plans to raise oil exports to 10 million barrels per day within six years as it works around disruptions from the Middle East war and the closure of the Strait of Hormuz. Baghdad is also pushing OPEC to increase its production quota while expanding export routes through Turkey, Syria and Jordan.
Key Points
- Iraq aims to increase its oil exports to 10 million barrels per day within six years, according to Prime Minister Ali Al-Zaidi.
- Oil sales account for about 90 percent of Iraq’s revenue, making export disruptions a major economic challenge.
- The Strait of Hormuz blockade has forced Iraq to rely more on alternative routes through Ceyhan in Turkey, Syria and Jordan.
- Iraq has urged OPEC to raise its production quota amid a global shortage caused by the war.
