Oil Minister Announces Iraq's Daily Production Surpasses Five Million Barrels

Oil Minister Basim Mohammed Khudair confirmed on Saturday that Iraq produces more than five million barrels of oil daily. He explained that there is a difference between production capacity and export volume, as OPEC imposes an export ceiling on Iraq of 4.33 million barrels per day. The minister pointed out that Iraq adheres to the export ceiling set by OPEC despite daily production exceeding five million barrels. He added that ongoing discussions with the organization aim to raise the export ceiling due to Iraq's unique circumstances and the challenges it has faced over the past five decades. He affirmed that increasing production rates is essential to secure the financial revenues needed to develop infrastructure and implement future government plans.