Published — Sunday 23 December 2012
Last update 23 December 2012 12:10 am
CAIRO: Iraq’s oil production has exceeded 3.2 million barrels a day (bpd) so far this month and it hopes to hit capacity of 4 million b/d in 2014, its Oil Minister Abdul Kareem Luaibi said.
“Next year we’re planning production close to 3.7 (million bpd),” he added in remarks to reporters on the sidelines of a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC).
Iraq, rebuilding its energy industry after decades of war and sanctions, has emerged as the second biggest producer in the Organization of Petroleum Exporting Countries (OPEC).
“There will be another debate in the first months of the new year... (the decision) should be by the end of May 2013,” Luaibi said.
Saudi Arabia has also pressed for Iraq to join any future rounds of supply curbs that OPEC makes to support prices if energy markets weaken.
But Baghdad has insisted it should first regain the 4 million bpd output capacity it lost during the 1980-88 war with Iran.
“We haven’t reached the quota that was set over 40 years ago. We haven’t reached it yet,” Luaibi said.
“The issue of quotas will for sure need to be reviewed based on many indicators such as production capacities and reserves and others. It is known that Iraq was deprived for many years because of the wars.”