According to the announcement made by Mohammed Shia' Sabbar al-Sudani, an Iraqi Prime Minister, the country is ready to support stable oil prices at the level of $100 per barrel.
“Iraq is keen to maintain stable oil prices at not more than $100 per barrel,” Prime Minister Mohammed Shia al-Sudani said. He also emphasized that the country did not want prices to increase above $100.
Mohammed Shia al-Sudani added that “Iraq, a member of the Organization of the Petroleum Exporting Countries (OPEC), will have discussions with other members to reconsider and increase its production quota.”
In late October, Ali al-Wardi, a senior official at the Iraqi Ministry of Oil, said that Iraq was seeking to boost output from the Barda oilfield operated by Russia’s Gazprom Neft.
Earlier, Iraqi Oil Minister Ihsan Abdel Jaber announced a launch of a new oil refinery in Karbala with a capacity of 140,000 barrels per day. At the moment, the refinery is using about 50% of its capacity. In the future, Iraq is planning to refuse 90% of imported petroleum products once the refinery starts working at full capacity.
