Iraq Plans to Increase Oil Production to Over 5 Mln bpd

An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)
An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)
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Iraq Plans to Increase Oil Production to Over 5 Mln bpd

An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)
An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)

The Iraqi Parliamentary Oil and Gas Committee announced that the government had made plans to increase oil production to more than 5 million barrels per day (bpd).
Member of the committee, MP Zeinab Juma al-Mousawi, told the Iraqi News Agency (INA) that they support the government's directions to increase oil and gas reserves and national production of crude oil and gas.
Mousawi noted that the committee also backs processing the gas associated with oil operations and converting it into wealth and productive energy that covers the local need, especially electric power plants, the petrochemical industry, fertilizers, and others.
It called upon foreign companies to export the surplus to world markets to achieve financial revenues that supply the state treasury to support the national economy and sustainable development and provide new job opportunities.
Mousawi reiterated the need to pay attention to the fields managed by national companies to create competition with international companies and increase the net profits of national companies.

She pointed out that Iraqi oil is one of the most imported oils to countries such as India, China, and South Korea, with 54 percent of the Iraqi oil since the beginning of the year.
The lawmaker indicated that Iraq achieves billions of dollars from oil sales, contributing to the country's general budget in investment and operational fields.
Meanwhile, the Iraqi oil minister announced that crude oil exports averaged 3.3 million bpd in May.
The ministry said Iraq's May oil revenue was $7.3 billion, with an average price per barrel of $71.30.
Notably, Iraq's exports from the country's northern fields in Kurdistan and Kirkuk via Türkiye’s Ceyhan have been suspended for about four months.
Baghdad has won an international arbitration case to halt oil exports from the semi-autonomous Kurdish region, limiting Iraq's oil exports to the Oil Marketing Company (SOMO).
Iraq's oil exports to the United States amounted to about 7.5 million barrels in June.
On Sunday, Shafaq News reported that Iraq exported 7.5 million barrels of crude oil to the US during June, with an average of 250,000 bpd.
The figure marked an increase compared to May, during which Iraqi oil exports to the US amounted to 6.634 million barrels, averaging 214,000 bpd.
According to the agency, Iraq exported crude oil to the US during the first week of last month at an average of 430,000 barrels per day, while it exported an average of 252,000 in the second week and an average of 102,000 barrels per day in the third week. The standard of exports for the fourth week was 1,000 barrels per day.

 



Saudi Tourism Ministry Announces 99% Growth in Tourism Hospitality Licenses

The Saudi Ministry of Tourism logo
The Saudi Ministry of Tourism logo
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Saudi Tourism Ministry Announces 99% Growth in Tourism Hospitality Licenses

The Saudi Ministry of Tourism logo
The Saudi Ministry of Tourism logo

The Ministry of Tourism announced that the number of tourism hospitality facilities licensed to operate across Saudi Arabia has increased to more than 3,950 by the end of the third quarter (Q3) of 2024, recording a growth rate of 99% compared to the same period last year.

The ministry said that the number of licensed rooms reached over 443,000 by the end of Q3 of 2024. This represents a growth rate of 107% compared to the same period of Q3 2023, where the number of rooms was more than 214,000. The number of licensed hospitality facilities in Q3 2023 was about 2,000.

The significant growth in the number of tourism hospitality licenses is the result of the efforts exerted by the Ministry to empower operators and investors in the hospitality sector to obtain licenses. This includes providing facilities with operating fees reduced by up to 22%.

In addition, the Ministry has contributed to a decision exempting hospitality facilities from municipal fees as part of the Ministry's keenness to ensure the upgrading of services provided by hospitality facilities to international and domestic tourists.

During its "Our Guests Are Our Priority" campaign, the Tourism Ministry invited all beneficiaries of hospitality facility services to submit their inquiries and comments about the services provided to them by contacting the unified tourism center at 930.