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Iraq eyes raise in light oil production, exports

Light oil production

Iraq has set a target to raise both output and exports of its light crude oil next year, to reach million barrels per day, MENAFN reported on Monday.

Iraqi oil minister Jabar al-Luaibi explained the decision to have been taken as part of the country's agenda to increase state revenue.

The light crude oil, an Iraqi industry source clarified, is considered as a fresh grade with an API gravity of about 34-43, with the existing Basrah Light grade Iraq exports set to be called Basrah Medium.

The oil minister stated "this (decision) will boost Iraq's position in the global oil markets by producing three crude grades: light, medium and heavy."