By Shaymaa Adel
Azzaman, December 22, 2014
Iraq says its oil industry is readying itself for a substantial hike in oil output to increase exports and consequently revenues for the hard cash strapped country.
Iraq, like other oil-producing states, has been hard hit by the slump in oil prices by nearly 50% recently.
“The Oil Ministry has confirmed that its oil installations are ready to boost exports to 34 million barrels a day in 2015,” said Isam Jihad the ministry’s spokesperson.
Isam said the ministry has laid down “numerous plans to offset losses incurred due to the drop in oil prices and in the forefront is a hike in output and exports.”
Isam forecast Iraq’s oil output to hit 3.7 million barrels in 2015.
“The surge (in oil output) will be coordinated with the Kurdish region,” he added.
He said the Kurds alone would add 550,000 barrels a day to Iraq’s oil output in 2015 and that an additional 500,000 barrels per day will come from the southern fields of Rumailah and Qurna.
“These increases will lead to a boost in the volume of exports that will hit 3.4 million a day as part of plans to alleviate the danger of oil price slump on the economy,” Jihad said. “Export installations are prepared for any increases in crude and there is coordination between terminals and storage facilities.”
Jihad blamed the oil producing cartel, OPEC, for the latest retreat in prices, saying the organization’s refusal to cut output has resulted in huge losses.
“OPEC is required to revise its attitude and examine the consequences which have been detrimental to oil producing countries,” Jihad said.
