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Iraq is increasing oil production to 6 million barrels within 5 years
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Translated by IRAQdirectory.com - [4/14/2009]
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Iraqi Oil Minister Hussain al-Shahristani, stated to press that Iraq intends to raise crude oil production to six million barrels per day during the next five years. Shahristani clarified that the current production is about 2.4 million barrels per day and we are trying to increase it to 2.5 million barrels per day and the total Iraqi production after the first and second rounds of licensing will be six million barrels per day over the next five years which is considered as a big jump on global level.
He added that" The rate of Iraqi oil exports in 2008 were one million eight hundred and fifty barrels of oil per day and this level was almost steady as a monthly average and we have ambitions to be within the 2009 budget, we seek to raise the export rate to two million barrels a day."
Al-Shahristani said, "The media buzz about the decline in production and export is not true because the production is increasing and not decreasing, but the export is still at the same level of last year and is not at our ambition." The oil minister has renewed the Government's position that "any contract is being concluded without the consent of the Federal Government is invalid, and the companies have no right to operate in Iraq without the approval of the Federal Government and this position will not change."
On the other hand, a senior Iraqi official in oil sector said that Iraq will reduce the official selling price for oil shipments in May; from Basra Light crude and Kirkuk to buyers around the world.
Falah al-Amiri, the Chairman of Iraqi Oil Marketing Company (SOMO) said that Iraq had reduced Basra crude oil to American buyers at $ 6.20 for April, less with $ 4.90 for the second contract for benefit of West Texas crude for the U.S. standard record.
Al-Amiri said that reducing the price of Basra crude to European buyers with ten cents to be less $ 1.15 from the price of North Sea's crude oil.
He said the price declined to Asian buyers with 65 cents to be less of 50 cents than the average crude oil of Oman Sultanate and Dubai.
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