Iraq plans to sharply increase its oil output capacity to seven million barrels

Vastavam web: Iraq, the second largest oil producer in the OPEC cartel, plans to sharply increase its output capacity to seven million barrels a day by 2022, its oil minister said today.Iraq now has an oil production capacity of five million barrels per day (bpd) but is pumping just over 4.7 million under an OPEC output cut agreement.Luaybi said Iraq sits on proven crude reserves of 145 billion barrels but he is confident the figure will jump to around 250 billion barrels with sufficient investment.

He said the war-battered nation plans to boost natural gas production to seven billion cubic feet per day by 2021 from the current output of 2.7 billion cubic feet.He was speaking during the second day of the three-day Kuwait International Conference for the Reconstruction of Iraq where Baghdad hopes to collect pledges totalling 88.2 billion.The minister said Islamic State group attacks in Iraq had reduced the country’s refining capacity from 930,000 bpd to just 450,000 bpd.