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Oil

Iraq state firm sees no need to increase oil production beyond OPEC plan

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Iraq’s state oil marketing company, SOMO, said on Saturday Iraq sees no need to take any decision to increase its production capabilities beyond what has already been planned for OPEC countries.

In the light of increased demand for energy, Iraq sees the OPEC+ agreement raising its output by 400,000 barrels per day (bpd) a month, sufficient to meet demand and stabilize the market, SOMO added in a statement.

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“Meanwhile Iraq seeks to increase gas production through increasing investment in gas fields,” SOMO added.

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