Iraq is pumping crude at a record pace and will continue to boost exports this year amid a global market glut that’s pushed prices down, Oil Minister Adel Abdul Mahdi said.
“The average for Iraqi crude output is four million barrels a day, which is a historical record,” Abdul Mahdi said at a news conference after meeting his Turkish counterpart, Taner Yildiz, in Baghdad.
The figure includes output from the semi-autonomous Kurdish region in the north. In December, Iraq pumped 3.35 million barrels daily without the Kurdish region, according to the oil marketing organisation Somo.
Iraq plans to boost crude exports to 3.3 million barrels a day this year, including from the Kurdish area, Abdul Mahdi said. Iraq and Turkey agreed to boost Iraqi crude exports from the north via the Turkish port of Ceyhan to 375,000 barrels a day in the coming months, and to as much as 600,000 barrels a day by April, he said.