Iraq flags oil project delays, sees recovery next year -minister

Credit: REUTERS/ESSAM AL-SUDANI

The Iraqi oil minister said on Tuesday that oil projects are being delayed in his country because of the OPEC+ production cuts, but he expects an oil price recovery from the second quarter of next year to help the sector.

Adds detail

LONDON, Oct 20 (Reuters) - The Iraqi oil minister said on Tuesday that oil projects are being delayed in his country because of the OPEC+ production cuts, but he expects an oil price recovery from the second quarter of next year to help the sector.

"I think quarter two, 2021 will be more attractive to every aspect of our business," Ihsan Abdul Jabbar told the CWC Iraq Petroleum conference.

He said he expects Iraq will raise its production capacity to 7 million barrels per day in the next five to six years, from around 5 million bpd now.

(Reporting by Ahmed Rasheed and Ahmad Ghaddar, editing by Louise Heavens and Susan Fenton)

((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters Messaging: ahmad.ghaddar.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More