Oil Minister From Abu Dhabi: Iraq's Oil Production Capacity Is Close To 5 Million (bpd)

BAGHDAD, IRAQ (NINA) - Iraq's oil production is close to five million barrels per day (bpd), the country's oil minister, Jabbar Laibi said on Wednesday, but the country will fully comply with the target production rate under a global deal to cut oil supplies. "Oil production from Iraq currently stands at about 4.3 million bpd," Al-Luaibi told reporters at an energy conference in Abu Dhabi, added "An agreement to cut oil production between OPEC and non-OPEC countries should continue despite the strong rise in oil prices," said that "the oil markets still need more time to stabilize." On the other hand, al-he said that his ministry plans to conclude three contracts with international gas companies by the middle of this year to benefit from gas in the south of the country, noting that" Iraq plans to eliminate the burning of gas associated with the extraction of oil without exploitation by 2021. " Iraq is forced to burn some of the rising gas during the process of extraction of crude oil because it does not have suitable facilities to enter into a process that allows use./ End