Iraq announces increase in oil exports for January

Iraqi Oil Minister Ihsan Abdul Jabbar. (Photo: Archive)
Iraqi Oil Minister Ihsan Abdul Jabbar. (Photo: Archive)

ERBIL (Kurdistan 24) – Iraqi Oil Minister Ihsan Abdul Jabbar announced on Thursday that the average rate of national oil exports for January would be set at 3.3 million barrels per day (bpd).

The official said at a press conference in Baghdad that the decision was made to adhere to the gradual increase of 400,000 bpd each month put in place by the Organization of Petroleum Exporting Countries (OPEC).

In addition, Abdul Jabbar stressed the importance of enhancing the role of global investment in Iraq's manufacturing and petrochemical industries.

The minister spoke to reporters came while he was attending the signing ceremony of an initial agreement for the al-Faw investment refinery project that aims to reach a capacity of 300,000 bpd and the construction of a petrochemical complex.