Iraq Oil Minister Says Oil Prices Approaching Stability

Iraqi Oil Minister Jabar al-Luaibi said oil prices are approaching stability, the al-Sabah state newspaper reported Aug. 6.

Iraq plans to raise oil production to more than 7.5 million barrels per day (MMbbl/d) by 2023-2024, including 6 MMbbl/d of oil for exports and 1.5 MMbbl/d for domestic consumption, Luaibi said.

On June 22-23, OPEC, Russia and other producers agreed to raise output from July by returning to 100% compliance with previously agreed output cuts after months of underproduction by OPEC countries including Venezuela.

Luaibi said the country’s refining capacity now stood at around 670,000 bbl/dwith local consumption reaching to