Iraq Seeks to Increase Oil Production to 6 Million Barrels a Day

General view of al-Zubair oil field near Basra, Iraq April 21, 2020. (Reuters)
General view of al-Zubair oil field near Basra, Iraq April 21, 2020. (Reuters)
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Iraq Seeks to Increase Oil Production to 6 Million Barrels a Day

General view of al-Zubair oil field near Basra, Iraq April 21, 2020. (Reuters)
General view of al-Zubair oil field near Basra, Iraq April 21, 2020. (Reuters)

Iraqi Deputy Prime Minister and Oil Minister Hayan Abdel Ghani said on Wednesday that his ministry is working to increase oil production and implementing the requirements of the five-year plan to reach a production rate of 6 million barrels per day.

During a meeting he chaired to discuss oil operations with senior officials in the sector, he said the ministry is also working on the resumption of oil exports from northern Iraq to increase financial revenues, which support the state treasury.

Abdel Ghani stated that the ministry’s financial revenues increased in 2023 exceeding its forecasts, and hopes to achieve more during the new year.

He therefore called for accelerating the implementation of strategic projects related to oil exploration and extraction, flared gas utilization, renewable energy, and infrastructure.

“We aspire that the new year will witness the implementation of many strategic projects and make achievements. We also hope that this will constitute an important addition to the oil industry,” the Minister stressed.

In the refinery sector, Abdel Ghani said his ministry has achieved a significant increase in production, and it plans to reach self-sufficiency and stop imports.

“In the future, we will complete a number of promising projects that achieve our goals,” he added.

“We have succeeded in promoting associated gas investment projects, and the past period has witnessed an increase in the quantities of gas invested from oil fields, and this year will witness the addition of 200 million cubic meters from invested fields within the work tasks of the Basra Gas Company, in addition to promising increases from the fields of two oil companies of Maysan and Dhi Qar.”

Abdel Ghani added that Iraq is working to enhance the strategic reserve of petroleum products, to support the electric power generation sector and the local need.

On Wednesday, the Oil Ministry said that Iraq's oil revenue reached $8.316 billion in December.

“The average daily quantities of crude oil exported reached three million and 486,000 barrels per day while the average price of one barrel reached around $77,” it said.

Exports of Iraqi crude oil from Kurdistan's fields to the Turkish port of Ceyhan are still suspended after the failure of the Iraqi government to reach understandings with Türkiye and foreign companies operating in the Kurdistan Region on the mechanism of oil export and payment of dues.



UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
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UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)

Global economic growth is projected to remain at 2.8% in 2025, unchanged from 2024, held back by the top two economies, the US and China, according to a United Nations report released on Thursday.

The World Economic Situation and Prospects report said that "positive but somewhat slower growth forecasts for China and the United States" will be complemented by modest recoveries in the European Union, Japan, and Britain and robust performance in some large developing economies, notably India and Indonesia.

"Despite continued expansion, the global economy is projected to grow at a slower pace than the 2010–2019 (pre-pandemic) average of 3.2%," according to the report by the UN Department of Economic and Social Affairs.

"This subdued performance reflects ongoing structural challenges such as weak investment, slow productivity growth, high debt levels, and demographic pressures," Reuters quoted it as saying.

The report said US growth was expected to moderate from 2.8% last year to 1.9% in 2025 as the labor market softens and consumer spending slows.

It said growth in China was estimated at 4.9% for 2024 and projected to be 4.8% this year with public sector investments and a strong export performance partly offset by subdued consumption growth and lingering property sector weakness.
Europe was expected to recover modestly with growth increasing from 0.9% in 2024 to 1.3% in 2025, "supported by easing inflation and resilient labor markets," the report said.

South Asia is expected to remain the world’s fastest-growing region, with regional GDP projected to expand by 5.7% in 2025 and 6% in 2026, supported by a strong performance by India and economic recoveries in Bhutan, Nepal, Pakistan and Sri Lanka, the report said.

India, the largest economy in South Asia, is forecast to grow by 6.6% in 2025 and 6.8% in 2026, driven by robust private consumption and investment.
The report said major central banks are likely to further reduce interest rates in 2025 as inflationary pressures ease. Global inflation is projected to decline from 4% in 2024 to 3.4% in 2025, offering some relief to households and businesses.
It calls for bold multilateral action to tackle interconnected crises, including debt, inequality, and climate change.
"Monetary easing alone will not be sufficient to reinvigorate global growth or address widening disparities," the report added.