Iraq boosts oil production capacity to three million bpd amid Strait of Hormuz attacks
Iraq has increased its crude oil production capacity to more than three million barrels per day and managed to boost hydrocarbons exports in September despite disruptions in the Strait of Hormuz, the country’s oil minister has said. Opec’s second-largest producer is now looking to further boost its production as it expects alternative pipelines and the country’s improved export infrastructure…
Iraq's oil minister has announced that the country's crude oil production capacity has reached over three million barrels per day, despite disruptions in the Strait of Hormuz. Opec's second-largest producer, Iraq, has managed to maintain hydrocarbon exports in September, according to the state news agency. The government aims to further increase export capacity to five million barrels per day once strategic pipelines to Fishkhabour and Baniyas, as well as export terminals in the Strait of Hormuz, are operational.
Iraq has experienced a significant decline in oil exports, dropping from around 4.2 million bpd in February to approximately 1.45 million bpd within three months, following Iran's closure of the strait and attacks on commercial shipping. Despite the recent escalation in tensions between the US and Iran, Iraq has sought direct negotiations with Tehran to permit its tankers to pass through the strait.
Iraqi President Nizar Amidi confirmed that Iran had granted permission for some Iraqi oil tankers to cross the waterway in late August. Iraq is also investing in pipeline projects to Syria and Turkey, bypassing the Strait of Hormuz.
Written by urgent.news from The National Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
