TIL Desk/Business/Baghdad/ Iraq is on track to produce nearly six million barrels of crude daily by 2030, the International Energy Agency said Thursday, which would make it the world’s third biggest oil supplier.
The IEA’s wide-ranging report found that Iraq’s production in the next decade could increase by an impressive 1.3 million barrels per day to a total of 5.9 million bpd.
“Iraq is and will remain one of the key pillars of the oil market in the years to come,” IEA head Fatih Birol told reporters on Thursday.
The optimism stemmed from Iraq’s 50 percent increase in oil production since 2012, Birol said, despite several years of low prices and the devastating rampage of the Islamic State group across a third of the country. “It shows the resilience of the Iraqi oil industry,” said the IEA’s executive director.
