The Iraqi Oil Minister, Hayan Abdul-Ghani, said that the Oil Ministry is taking steps to reach a production capacity of five million barrels per day (bpd) despite the serious restrictions on oil markets and the OPEC countries’ quota limitations to maintain price stability.
Abdul-Ghani clarified that the Oil Ministry’s actions to boost oil production capacity are a response to genuine concerns about climate constraints on the oil industry, the Iraqi News Agency (INA) reported.
The most recent example of these concerns was the COP 28 climate conference’s proposals for a phased transition away from fossil fuels.
The Iraqi Oil Minister confirmed that the ministry is working to expand the gas industry, particularly in light of the country’s impressive gas reserves in the west, which rank Iraq 12th in the world.
Abdul-Ghani also indicated the significance of the national gas industry to meet local demand, adding that the ministry launched the fifth and sixth bidding rounds to take advantage of oil and gas reserves in western areas near the borders with Syria, Jordan, and Saudi Arabia.