Iraq’s oil production not affected by war against IS: Abadi

Baghdad (IraqiNews.com) Iraq’s oil production has not been affected by the war against Islamic State militants, but the country’s economy should not rely on oil alone, Prime Minister Haider al-Abadi said on Wednesday.

Speaking during an international energy conference in Baghdad, Abadi said “Iraq has a good stock of oil and gas, and despite the war, our production has not receded, and we are working hard to ensure that oil is a subsidiary (source of national income) and not principal”, Xendan quoted him saying.

“We have to establish for a strong economy that does not rely on oil because its prices are unstable,” Abadi told attendants, as quoted by Alsumaria News.

Iraq is OPEC’s second largest oil producer after Saudi Arabia.

Iraq’s oil exports for February exceeded 95.940 million barrels, with revenues suprasing USD5.762 billion, the oil ministry said earlier this month.

Iraq’s economy and infrastructure have suffered seriously during Iraq’s three-year war against Islamic State militants, which inflicted severe damage to infrastructure and production at various oifl fields.