Iraq aims to increase its oil production to 4.5 million b / d by mid-2016

December 12, 2015

The Oil Ministry announced on Saturday, it's designed to increase Iraq's production of crude oil to 4.5 million barrels per day in the middle of next year 2016.

He said ministry spokesman Assem Jihad "We are working to reach this amount," noting that "the cost of producing a barrel in Iraq does not exceed the $ 10 but the problem is the low price and this is reflected negatively on the country's imports."

He pointed to "the continuation of the licensing rounds, but if there was a need for review, we will look in order to reduce the expenses related to the extractive sector parallel to the increase and development of production and low cost."

The Ministry of Oil, announced in the first of this month, recorded an unprecedented increase in oil during the last month of November, to reach 3.3 million barrels per day.

It is said that oil prices yesterday recorded a decline is the lowest since 2008 when closed at $ 37 a barrel on oversupply, especially after OPEC's decision at its meeting held on the fourth of this month to increase output by 1.5 million barrels to be a daily total of countries exporting 31.5 million barrels.