Iraq nears oil output capacity of 5M BPD

ABU DHABI — Iraqi Oil Minister Jabar Al Luaibi said on Saturday that the Opec member’s oil output capacity is nearing 5 million barrels per day, but the country will remain in full compliance with its output target under a global pact to cut supplies.

Al Luaibi said the supply cut agreement between Opec and non-Opec producers should continue despite a rise in oil prices. “The market now is not 100 per cent stable,” he said at an industry conference in Abu Dhabi, adding that current oil prices could be sustained, but there might be some fluctuations.

Al Luaibi said Iraq’s current oil production is about 4.3 million barrels per day.

Despite the increase in oil production from the United States, “so far there is a balance” in the oil market, Al Luaibi said.