Iraq has the right to achieve oil output that is in line with its crude reserves, Oil Minister Jabar al-Luaibi said on Monday at an event in London.
Iraq is the second-largest producing member of the Organization of the Petroleum Exporting Countries after Saudi Arabia.
“Iraq is a country that maybe in our life, or after our life, (will) definitely have reserves that will be equal to Saudi Arabia,” Luaibi said.
“Why should Iraq be deprived from increasing its production? Not to disturb or disrupt OPEC at all, or the prices, but it is our right to have our production that corresponds to our reserves,” he said.
OPEC members and other producers led by Russia agreed last year to cut output by about 1.8 million barrels per day (bpd) to tackle bloated crude inventories and support prices.
Under the deal, Iraq agreed to cut production by 210,000 bpd.
Its output reached 4.4 million bpd in June, marking a cut of 170,000 bpd, according to a Reuters monthly survey of OPEC output.
“We have gas, we have oil. We have the right to do well. As simple as that,” Luaibi added.
(Reporting by Ahmad Ghaddar; Writing by Amanda Cooper; Editing by Dale Hudson and Susan Thomas)
Image: Iraqi Oil Minister Jabar Ali al-Luaibi speaks during a media conference with Saudi Energy Minister Khalid al-Falih (not pictured) in Baghdad, Iraq, May 22, 2017. REUTERS/Khalid al Mousily
About Oklahoma Minerals Founder GIB KNIGHT
Gib Knight is a private oil and gas investor and consultant, providing clients advanced analytics and building innovative visual business intelligence solutions to visualize the results, across a broad spectrum of regulatory filings and production data in Oklahoma and Texas. He is the founder of OklahomaMinerals.com, an online resource designed for mineral owners in Oklahoma.