KUALA LUMPUR, 07 June 2010
Iraq has the ability to meet global demand for crude oil, says its Minister of Oil, Dr Hussain Al-Shahristani.
"Iraq is going produce what is needed by the market. We (Iraq) are not going to flood the market and influence the price in any negative way," he told a press conference, held on the sidelines of the 15th Asia Oil and Gas Conference, here today.
"Our projection for the coming two decades is that, the world would be requiring additional oil. There is no other source that can replace oil in any significant way," he said.
According to Al-Shahristani, there is not much oil available in the other parts of the world.
"So, we think any additional demand for oil, particularly from Asian markets, will be met by Iraq," he said.
Iraq's current projection for oil production is about 2.5 million barrels per day.
The country expects to add another 150,000 barrels per day by the end of this year and another 200,000 to 250,000 barrels daily in 2011.
Al-Shahristani said Iraq would open another bid for a major gas exploration project in September.