Shafaq News- Baghdad
Restoring output from Iraq'ssouthern oil fields to pre-war levels of up to 4.3 million barrels per day (bpd)and increasing crude exports are among the Oil Ministry's main priorities,newly appointed Deputy Oil Minister for Extraction Affairs Nasser Aziz said onSunday.
In a statement, Aziz clarifiedthat the ministry is implementing plans to rehabilitate southern fields whoseoutput declined during the US-Israeli war on Iran and the closure of the Straitof Hormuz, which carries around 20% of global oil supplies. Oil companies havebeen instructed to reassess operating conditions, accelerate pumpingoperations, and address bottlenecks to secure domestic supplies and increaseshipments through southern terminals.
The ministry, he noted, aimsto gradually raise output to between 4.2 million and 4.3 million barrels perday and increase exports to around 3.5 million barrels per day, relying onIraqi expertise and international energy companies to achieve the targetsdespite technical and logistical challenges.
Aziz’s priorities also includestrengthening flows through the Kirkuk-Ceyhan pipeline, expanding alternativeexport routes, advancing projects at the Midland and North oil companies, andaccelerating the development of exploration blocks alongside associated andfree gas projects. He pledged toprovide a supportive investment environment and deepen cooperation with energycompanies operating in Iraq.
Eco Iraq, an economic affairsobservatory, had estimated that the country has lost around 350 million barrelsof exports since the closure of the Strait of Hormuz, through which the countryships about 95% of its crude, equivalent to approximately $37.7 billion in lostrevenue. Before the closure on Feb. 28, Iraq exported between 103 million and107 million barrels of crude each month, with losses reaching 84.4 millionbarrels in March, 93.1 million in April, and 92.8 million in May, while Junehas so far recorded a decline of about 79.6 million barrels.
: Iraq's oil lifeline is blocked: The crisis runs deeper than Hormuz