Iraq has raised its crude oil export capacity to more than 3 million barrels per day since the beginning of September, according to official Iraqi media reports citing Oil Minister Bassem Mohammed on Saturday.
The oil minister said the government plans to increase production capacity to 5 million barrels per day after completing strategic pipelines and export facilities through the Strait of Hormuz.
Iraq’s oil exports rose to nearly 2.34 million barrels per day in August, while oil industry sources and shipping data indicated that September exports were on track to increase.
The move comes as buyers welcome the development, citing substantial profits, while Iran has agreed to allow tankers carrying Iraqi oil to pass through the Strait of Hormuz.
Source: Reuters
