IRAQ'S OIL PRODUCTION: 6.5 MBD

PLATTS - Iraq has adjusted its crude oil production capacity target and is now aiming to achieve 6.5 million b/d by 2022, oil minister Jabbar al-Luaibi said Monday.

Iraq's Cabinet on Sunday approved a five-year plan calling for the country to boost its nationwide oil production capacity to 6.5 million b/d by 2022, up from 5 million b/d currently.

Iraq is technically supposed to restrict actual production to 4.35 million b/d, under OPEC's output restraint deal agreed in late-2016, which runs through 2018.

Between state-run oil companies and international oil companies with signed technical service contracts, Baghdad itself is expected to reach the new target before 2022.

Iraq produced 4.43 million b/d in February, according to the latest S&P Global Platts survey, and has at least 280,000 b/d shut-in at Kirkuk fields due to lack of an export route.

Iraq's semi-autonomous Kurdistan region has also signed production sharing contracts with major international oil companies and is expected to double its current 350,000 b/d production over the coming 12 months.

According to the Sunday announcement by the Council of Ministers, the five-year plan has three key economic pillars: increasing the role of agriculture and industry in the currently oil-dominated economy "to reach a target economic growth rate of 7%"; the boost in oil production capacity to 6.5 million b/d; and reducing poverty while increasing "sustainable employment opportunities."

Iraq last week said it would put 11 oil fields and blocks up for auction in a rushed bidding round that is supposed to take place on April 15 and is intended to increase production from discovered but dormant or underdeveloped fields.

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Earlier:

2018, April, 2, 09:30:00 IRAQ'S OIL EXPORTS: 3.45 MBD REUTERS - Iraq exported 3.453 million barrels per day (bpd) of crude oil from its southern ports in March, slightly above the February average, the oil ministry said on Sunday.

2018, February, 16, 23:25:00 SAUDI - IRAQI TALKS AOG - Saudi Arabia's Energy Minister Khalid al-Falih has said that the recent talks with his Iraqi counterpart stressed the need to strengthen commitment to a OPEC-led agreement to reduce crude output.

2018, January, 15, 09:55:00 IRAQ'S OIL PRODUCTION: 5 MBD PLATTS - Iraq is nearing a production capacity of 5 million b/d, though it will comply with its quota under the OPEC production cut agreement, oil minister Jabbar al-Luaibi said.

2018, January, 3, 15:40:00 IRAQ'S OIL EXPORT UP TO 3.535 MBD PLATTS - Federal crude oil exports from Iraq's southern Persian Gulf terminals edged up in December to reach a new record high, averaging 3.535 million b/d, up 33,000 b/d from in November, the latest data from the oil ministry showed.

2017, August, 16, 09:10:00 IMF HAS IRAQ To strengthen financial sector stability, Directors encouraged the authorities to take measures to bolster supervision, and move forward with plans to restructure the statemdash;owned banks that dominate the banking system. They also encouraged strengthening the legal framework of the Central Bank, eliminating a remaining exchange restriction and a multiple currency practice, and accelerating implementation of AML/CFT and antimdash;corruption measures. Directors considered that the peg to the U.S. dollar, which provides a key anchor to the economy, remains appropriate.

2017, August, 3, 12:25:00 IMF BUYS IRAQ The completion of the second review allows the authorities to draw the equivalent of SDR 584.2 million (about US$ 824.8 million), bringing total disbursements to SDR 1494.2 million about US$ 2109.7 million. The SDR 3.831 billion arrangement (about US$5.34 billion at the time of approval of the arrangement) was approved in July, 2016 and the first review was completed on December 5, 2016.

2017, January, 11, 18:35:00 IRAQ PLANS 3.6 MBD Iraq plans to raise crude exports from its southern port of Basra to an all-time high in February, keeping exports high even as OPEC production cuts take effect this month.