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FinancialNews
07-08-18
Iraq's oil prices near stability: oil minister
(MENAFN) The al-Sabah state newspaper reported Iraq to have been affirmed by Oil Minister Jabar al-Luaibi to soon be witnessing stable oil prices.
The oil minister unveiled Iraq to be seeking an increase of oil output to reach over 7.5 million barrels per day (bpd) by 2023-2024, consisting of 6 million bpd of oil for exports and 1.5 million bpd for local consumption.
The country is currently at about 670,000 barrels per day of refining capacity, while domestic consumption stood at 1.2 million bpd.
The report said, citing Luaibi, that "we plug the gap by importing fuel which costs us over $2 billion a year."
MENAFN0708201800450000ID1097261168
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