Iraq to achieve self-sufficiency in oil derivatives by 2025

Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Ihsan Abdul Jabbar, announced on Sunday that Iraq is the only country capable of producing the largest amount of crude oil among the crude oil producing countries in the coming years, according to the AlSabaah newspaper.

Jabbar confirmed that Iraq has surplus production ready to supply the global market, indicating that Iraq will achieve semi-self-sufficiency in the production of oil derivatives by 2025.

“Iraq has exceptional capabilities and is almost the only country among the OPEC and non-OPEC producing countries that is able to increase crude oil production in quantities of up to 3.3 million barrels per day over Iraq’s current production in the coming years,” Jabbar said.

“Iraq has projects that will allow the country to produce more eight million barrels per day by the end of 2025, in a manner that achieves global stability in the energy market,” Jabbar explained.

“The rate of the Iraqi exports of crude oil through Basra ports was about 3.3 million barrels per day,” Jabbar stated.

Jabbar also revealed that the total Iraqi exports of oil, according to OPEC production data after the recent increase, became more than 4.66 million barrels per day, compared to the previous production rate which was 4.6 million barrels per day.