Iraq’s Minister Urges Country’s Producers Raise Output in 2017

Iraq oil minister Jabar al-Luaibi has called for oil and natural gas producers in the nation to keep on increasing output next year, the oil ministry communicated in a statement on Sunday.

The ministry's statement reiterated comments Luabi made to an assembly of Iraq oil industry executives in the city of Basra to assess the ministry's development plans for the oilfields.

The oil minister's comments came as OPEC members are attempting to put into action an agreement to reduce oil output in order to prop-up oil prices. The oil minister also did not refer to the cartel's decision on September 28 to curb oil output to a lower range.

According to the statement, Luaibi affirmed the need to continue increasing oil and gas yields by improving the effort of licensed firms operating in the nation for the rest of 2016 and through 2017.

The oil minister added that foreign firms' oil output targets should be attained within the given timetable and that the ministry is looking to raise associated gas output by adding 350 to 450 million cubic feet a day to the country's production next year.

News are provided by InstaForex