Iraq expects to increase oil production and exports in 2016

Follow-up scales News - According to a senior Iraqi oil source, on Wednesday, that Iraq's second-largest oil producer, OPEC hopes to increase crude production further in the next year also is looking to sell record amounts of oil to buyers from the southern port of export.

Iraq has seen a "growth exceeded expectations in production over the past year, which contributed to a global supply glut which worsened after Saudi Arabia's decision largest member of the OPEC not to cut production in order to defend market share in the face of Mrtfie cost producers are not members of the organization."

The source said that "production will increase in the next year. Not this year, but will increase strongly," stressing that "there will not be cut."

The plan "Iraq is an indication that a new senior Organization of Petroleum Exporting Countries members (OPEC) will not budge from their efforts to protect market share rather than curb supplies to support prices."

The source added that "it is planned to reach 2016 exports from southern Iraq between three million and 3.2 million barrels per day, of which between 2.2 and 2.4 million bpd of Basrah Light and 850 thousand barrels per day of Basra crude heavy" .anthy 29 / j 25