Economist: Iraq plans to increase its oil exports to 6.5 million barrels per day.

Economic expert Safwan Qusay confirmed on Wednesday that the agreement for the oil pipeline between Iraq and Turkey via the Ceyhan port has not been canceled, but rather work is underway to develop it and expand the horizons of economic cooperation between the two countries to include broader areas and larger quantities of oil exports.

Qusay said in a statement to Al-Maalouma Agency, “The Ministry of Oil’s policy is directed towards gradually increasing oil exports to about 6.5 million barrels per day, with future plans to raise them by an additional three million barrels.”

He pointed out that “exports will not be limited to Turkey, but will also include European Union countries, the Baniyas port in Syria, in addition to reactivating the strategic pipeline with Saudi Arabia and the Aqaba port in Jordan.”

He explained that “expanding the export circle and diversifying its routes requires a renewed understanding with the Turkish side regarding the export quantities via the Ceyhan pipeline.”

He pointed out that “Turkey seeks to transform the agreement into a strategic partnership that includes the transport of no less than 2.2 million barrels of crude oil per day, with the possibility of including Iraqi and Qatari gas in the future, in addition to Basra crude.”

Qusay explained that “the Turkish economy is looking forward to integrating with the Iraqi economy through regional development projects,” stressing that “there is no cancellation of the agreement, but rather there are new paths to activate it in a way that achieves common interests, especially after the losses incurred by the Turkish side as a result of the pipeline’s shutdown, which amounted to more than $264 million due to maintenance work.”

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