Iraq needs $4bn for new downstream oil investments, as OPEC supply cut deal to wait until December
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Jabar al-Luaibi, Iraqi oil minister said on Tuesday that the country needs $4 billion for new investments in its downstream oil industry, outlining plans to expand its refining capacity over the next several years.
Speaking at a conference on the reconstruction of the war-torn country, according to Reuters, he also said Iraq planned to boost its crude oil production capacity to 7 million barrels per day by 2022, from 5 million bpd at present.
In addition, the minister said there was no discussion about exiting the agreement between OPEC and non-OPEC producers on supply cuts and such talks will have to wait until December.
He also said Iraq is in full compliance with its quota of cuts, adding that he was not worried about current prices, which are “normal fluctuations”.