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FINANCIAL NEWS
Iraq aims to increase crude oil production to 5mn barrels
03 Apr 2017
(MENAFN) Iraq plans to boost daily crude oil production to 5mn barrels by the end of this year, up from the recent rate of almost 4.4mn barrels per day to secure needed cash for its ailing economy.
However, the country has been reeling under an economic crisis since 2014, when oil prices started their descent from a high of above USD100 a barrel.
Last year, Iraq joined a deal by OPEC and non-OPEC members to lower production for six months by 1.8mn barrels a day in order to prop up global oil prices.
This year, Iraq’s budget reached almost 100.67tr Iraqi dinars, or almost USD85.17bn, running with a deficit of USD21.65tr dinars.
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