Oil Expert rules out Iraq influenced by Saudi Arabia’s decision not to reduce its production in the / OPEC

Posted by on May 15, 2014 | Leave a Comment

The oil expert, Hamza al- Jewahri ruled out Iraq’s impact in Saudi Arabia’s decision not to reduce oil production ceiling in the Organization of / OPEC / , stressing that Iraq is continuing to raise its oil production ceiling and is ready to compete with oil-producing countries .

He said in a statement to the National Iraqi News Agency / NINA / that ” Iraq has large oil fields and did not affect in the rising of production ceiling of Saudi oil , pointing that the Iraq’s production of crude oil in the month of March 2014 reached to 3.5 million barrels per day .”

He added that ” Iraq’s oil production will reach 9 million barrels per day in 2020 , as a result of oil plans prepared by the oil ministry and the work of the winning companies in the oil licensing rounds and continuing discoveries of oil fields .”

Saudi Arabia was announced yesterday that it would not considering reducing its production of oil within the / OPEC / despite the rise in Iraq’s exports , noting that it looks at the total oil production in OPEC, adding that ” Saudi Oil is desirable therefore we do not plan to reduce our production of oil .”

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