Iraq plans to increase oil output by 600,000 bpd

As cited by Oilprice.com, Iraq, OPEC’s second biggest oil producer after Saudi Arabia, has plans to boost its crude oil production by 600,000 bpd to 5 million bpd by the end of this year, regardless of its participation in OPEC’s production cut deal. 

Key Quotes:

“Iraq’s first problem is that as much as 95 percent of its budget revenues come from crude oil. There are no viable alternatives in sight for revenues at the moment.”

“The second problem that the country has to contend with is its war with Islamic State, which makes these revenues more important than ever.”