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IHS analyst claims Iraq unable to greatly raise oil production next decade

Oil Production
An analyst of the IHS Markit, a global information provider based in London, expected that Iraq will not be able to greatly increase its oil production during the next 10 years.

According to analyst Christopher Elsner, Iraq, which the OPEC ranks second concerning oil production, will not be able to increase its production to more than 5 million barrels daily in the next decade, despite its probable ability to reach a daily production of 7 million barrels.

Elsner thinks that Iraq, however, may be able by 2036 to increase production to 6 million barrels.

Revealing the reasons behind his prediction, Elsner said that the inability of Iraq to achieve higher production is due to the unstable political and economic situations in the country, most recently the protests that took place in the southern cities, especially Basra, which Iraq mainly depends on to produce and export its major production of oil.

Elsner also stated some other technical reasons, including a deficiency in the electricity supply in some oil fields.

However, Hamza al-Jawahiri, an Iraqi oil analyst, thinks that Iraq is moving towards achieving its ambitious plans to increase oil production and develop the infrastructure required for oil export.

Jawahiri asserted that Iraq's Ministry of Oil is planning to increase production to 7 million barrels daily, affirming that the ministry is able to achieve this goal.
Last Modified: Thursday، 20 September 2018 09:59 PM