OPEC ‘Not a Constraint’ to Iraqi Oil Output, Official Says
By Nayla Razzouk - Sep 27, 2011 Iraq can produce as much as 5 million barrels a day of oil without needing to ask for OPEC’s permission, as this is a sovereign decision, the chairman of the Iraqi parliament’s oil and energy committee said.
“I don’t think OPEC is a constraint” to output of such a level, Adnan Al Janabi said today at the Iraq 2011: Future Energy conference organized by The Energy Exchange in Istanbul.
Iraq, the only member of the Organization of Petroleum Exporting Countries not bound by a production quota, pumped 2.68 million barrels a day in August, according to data compiled by Bloomberg. Iraqi crude output rose to 2.81 million barrels a day on Sept. 18, the highest level since the U.S.-led invasion of 2003, according to the Oil Ministry.
Iraq seeks to boost output to 3 million barrels a day by the end of this year from 2.4 million barrels in 2010, Oil Minister Abdul Kareem al-Luaibi said on Sept. 11. Hussain al- Shahristani, the deputy prime minister for energy affairs, said in July that Iraq hopes to boost production to 12 million barrels a day by 2017.
To contact the reporter on this story: Nayla Razzouk in Amman at nrazzouk2@bloomberg.net
To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net
By Nayla Razzouk - Sep 27, 2011 Iraq can produce as much as 5 million barrels a day of oil without needing to ask for OPEC’s permission, as this is a sovereign decision, the chairman of the Iraqi parliament’s oil and energy committee said.
“I don’t think OPEC is a constraint” to output of such a level, Adnan Al Janabi said today at the Iraq 2011: Future Energy conference organized by The Energy Exchange in Istanbul.
Iraq, the only member of the Organization of Petroleum Exporting Countries not bound by a production quota, pumped 2.68 million barrels a day in August, according to data compiled by Bloomberg. Iraqi crude output rose to 2.81 million barrels a day on Sept. 18, the highest level since the U.S.-led invasion of 2003, according to the Oil Ministry.
Iraq seeks to boost output to 3 million barrels a day by the end of this year from 2.4 million barrels in 2010, Oil Minister Abdul Kareem al-Luaibi said on Sept. 11. Hussain al- Shahristani, the deputy prime minister for energy affairs, said in July that Iraq hopes to boost production to 12 million barrels a day by 2017.
To contact the reporter on this story: Nayla Razzouk in Amman at nrazzouk2@bloomberg.net
To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net