Al-Allaibi: Iraqi reserves may double due to investment in the sector

Al-Allaibi: Iraqi reserves may double due to investment in the sector

February 20, 2018 11:02 AM

Al-Allaibi - Iraqi reserves may double due to investment in the sectorIraqi Position Network

Iraq’s oil minister said on Monday that Iraq currently has 145 billion barrels of proven reserves, but investment in the sector will increase at this rate to 250 billion barrels, while stressing the lack of discussion on exit from the current supply reduction agreement .

He added, “Allaibi” in a press statement by the “Iraqi position” that Iraq is fully committed to share of the reductions of production, and any discussion in this regard must wait until December next , “saying that” not concerned about the current prices, “and described as” Normal fluctuations, “as quoted by the newspaper” life “of London.

He pointed out that Iraq intends to increase its oil production by 2.3 million barrels, bringing its daily production by 2020 to seven million barrels.

He added that Iraq currently has 145 billion barrels of proven reserves, but investment in the sector will increase this rate to 250 billion barrels, speaking of plans to build seven refineries by 2021.

al-mawqif.com