Expert: The oil export structure must be developed with an increase in production to 8 million barrels per day in Iraq

Expert: The oil export structure must be developed with an increase in production to 8 million barrels per day in Iraq

2022-11-20 02:31

Expert - The oil export structure must be developed with an increase in production to 8 million barrels per day in IraqShafaq News/ The oil expert, Hamza Al-Jawahiry, said on Sunday that the increase in Iraq’s oil production must be in parallel with the development of its export structure, expecting that production will reach 8 million barrels per day within two years, with the completion of field development operations in the country.

Al-Jawahiry said in an interview with Shafaq News agency, “Iraq’s calls to increase its oil share in OPEC are considered normal because its oil reserves are very large and it has oil development operations taking place in 18 oil fields across the country, which will lead to an increase in its oil production.”

He added, “The processes of increasing production must be accompanied in parallel by the processes of injecting water into old reservoirs, in which production processes decrease as a result of low pressure, and Iraq needs to develop its export infrastructure to be integrated, including marine pipelines that go to floating ports.”

Al-Jawahiri continued by saying, “There is a sea line that must be completed, and a line to the Khor al-Amaya port that must be completely replaced due to its obsolescence, as well as the Basra deep port line that returns surplus oil from export operations, which also needs repair, in addition to that Iraq needs reservoirs.” Not only in Faw, but in 7-8 oil fields,” pointing out that “this is despite the fact that it is a lot of operations, but if it takes place in parallel with each other, it will be completed in a year or two and will enable Iraq to reach 8 million barrels per day.”

The expert also pointed out that “the companies operating in the oil fields are very large companies and are able to increase production in the event that there is work in developing and improving the infrastructure for export and oil storage,” pointing out that “Iraq cannot currently increase its production because it is restricted by OPEC controls that set Iraq’s production is part of its policy to maintain and not reduce oil prices.

The former Iraqi Oil Minister, Ihsan Abdul-Jabbar, said earlier this year that his country is working to increase crude oil production capacities to 8 million barrels per day, in cooperation with foreign partners, by the end of 2027.

In November 2022, the head of the state oil marketing company “SOMO” Alaa Al-Yasiri said that the Ministry of Oil is looking forward to increasing oil production rates and increasing basic exports in line with global market demand and OPEC decisions.

On October 4, OPEC, which includes 13 members, including Iraq, reduced its oil production quotas by two million barrels per day to maintain oil prices, and Iraq’s share of the reduction was by 220,000 barrels per day, to reach 4.431 million barrels per day.

shafaq.com