Iraq crossed the oil line of 5 million barrels

Iraq produces more than 5 million barrels of oil per day, but the export quota does not exceed. Oil Minister Bassem Mohammed Hudeir said.

According to him, daily production has already exceeded 5 million barrels. At the same time, the country complies with the OPEC limit on exports of 4.33 million barrels per day. The Minister’s words were reported by INA.

Baghdad is negotiating with OPEC to raise export quotas. The minister refers to the special conditions and challenges Iraq has faced over the past 50 years. He believes Iraq needs higher quotas to generate revenue for infrastructure development and government plans.

Mining and export are not the same thing. Some of the oil remains in the country, including for refining, so the increase in production does not automatically increase supplies abroad. OPEC countries will agree on the volume of supply taking into account the global situation, and the revision of the limits is possible only through negotiations. Real volumes are affected by both domestic demand and production opportunities.

Baghdad insists on revising the restrictions, linking this to the need for additional revenues for infrastructure and state programs.

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