Iraq nears oil output capacity of 5 million bpd, says committed to OPEC cuts

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Iraq nears oil output capacity of 5 million bpd, says committed to OPEC cuts© Reuters. A view shows the al-Shuaiba oil refinery in southwest Basra

ABU DHABI (Reuters) – Iraqi Oil Minister Jabar al-Luaibi said on Saturday that the OPEC member’s oil output capacity is near reaching 5 million barrels per day, but the country will remain in full compliance with its output target under a global pact to cut supplies.

Luaibi, who was speaking at an industry conference in Abu Dhabi, also said that his ministry plans to conclude three contracts with international gas companies by mid-2018 to utilize gas from the south of the country.

He said that by 2021, the country plans to “reach zero gas flaring”.

Iraq is forced to flare some of the gas produced alongside as it lacks the facilities needed to capture and process it into usable fuel.

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Source: Investing.com

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