Iraq’s deputy prime minister envisages oil production capacity to reach not more than 6 million b/d over the next five years due to severe export constraints.
Iraq’s federal oil exports, excluding flows from the semi-autonomous Kurdistan region, rose 4.2% month on month in April, oil ministry data showed May 1, amid a higher OPEC+ quota. Total federal exports reached 3.380 million b/d in April, compared with 3.244 million b/d in March, according to ministry data. In March, federal oil exports had .
Iraq is one of the biggest oil producers on the planet, but even though its economy is dependent on oil exports, it may struggle to ramp up its exports much further
Iraq is unable to increase oil exports in response to the surge in global oil prices and Russia-related supply disruptions, Deputy Prime Minister Ali Allawi said April 19 during a visit to Washington, exacerbating the ability of OPEC+ to boost its output to compensate for production shortages that have helped lift prices to nearly $140/b. .