Iraq plans to increase its oil production , OPEC ruled out new cut

Iraq’s oil minister Hussain al-Shahristani said he recommended Iraqi Government revive the idea of a national oil company to increase Iraq’s production of crude oil daily, while his Iranian counterpart in Tehran ruled out the possibility of a reduction of production by the Organization of Petroleum Exporting Countries.

He added that national oil company is the only way to strengthen his country’s oil production of 500 thousand barrels per day within two years.

 
Earlier, al-Shahristani said that Iraq hopes to increase its currently daily oil production of 2.3 million barrels to 2.4 million barrels, and spoke about the expected increase in daily production by more than 300 thousand barrels per day within two years with a long-term goal of producing six million barrels per day .

 
In Tehran, Iranian Oil Minister said that he would not expect that the Organization of Petroleum Exporting Countries (OPEC) to cut production again at a meeting this month.

 
The minister Gholam hossein Nouthri justified that Oil report ruled out a new increase in the production of the daily commitment of the OPEC’s members by 80% cuts that had been decided at its last meeting. He added that the recent reductions of this commitment has helped to curb the decline in the price of crude.

 
Iran, the second largest OPEC producer, has announced earlier its support claims of other members of the organization the adoption of a new cut in daily production during its mid-March, the Austrian capital Vienna.