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Iraq to produce oil below capacity from 2017

July 18/2011

(Arabian Oil and Gas) -- While the Iraqi government is sticking to its 12 mln barrels of crude oil per day (bpd) by 2017 production capacity target, it may choose not to produce the oil it can. Everybody knows the significance of Iraqs oil for the whole world and its importance to build and develop the Iraqi economy, along with raising the living standards of Iraqi citizens, Iraqs Deputy Prime-Minister, Hussein al-Shahristani - who has responsibility for energy affairs, is reported in Iraq Business News as saying at the 3rd Iraqi Ambassadors Conference in Baghdad on Saturday.

Shahristani said increased capacity does not necessarily mean that Iraq would produce such a large quantity of crude oil, because the Iraqi strategy depends on boosting revenues and not only increasing oil exports alone; so we shall watch the market and the level of the quantities of crude Iraq will produce, and then we shall decide Iraqs highest level of revenues during the forthcoming years.

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