Oil Output to Rise to Compensate Low Prices

By Patrick Schmidt.

The Iraqi Deputy Prime Minister announced that Iraq would try to increase its oil production along with exports in order to compensate for low oil prices.

Iraq has recently lost 50 percent of its revenue due to the slump in world crude prices.

The country aims to boost production with the Kurdistan Regional Government (KRG) by almost 550,000 barrels per day. Iraq currently produces approximately 4 million barrels of oil per day.

(Source: Bloomberg)

(Oil image via Shutterstock)