Iraq: There's Capacity to Increase Oil Production by 200,000 bpd on Demand

Oilfield in Iraq - Filephoto/Reuters
Oilfield in Iraq - Filephoto/Reuters
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Iraq: There's Capacity to Increase Oil Production by 200,000 bpd on Demand

Oilfield in Iraq - Filephoto/Reuters
Oilfield in Iraq - Filephoto/Reuters

Iraq has the capacity to increase its oil production by 200,000 barrel per day (bpd) this year if asked, an executive of Iraq’s Basra Oil Co. (BOC) revealed on Friday.

“If Iraq is asked to increase production, we can add 200,000 barrels until the end of the year as available production capacity,” Hassan Mohammed, deputy BOC manager in charge of oilfields and licensing rounds affairs, said in an interview with Reuters.

“But (to produce) more than this amount, (we) need more time.” The increase will come from West Qurna 1 oilfields and other oilfields developed by Iraqi state-run oil companies, Mohammed added.

This comes two weeks after US President Joe Biden’s visit to Saudi Arabia as part of his first trip to the Middle East as US president, hoping to strike a deal on oil production to help drive down gasoline prices.

Oil prices have rocketed to their highest levels since 2008, climbing above $139 a barrel in March, after the United States and Europe imposed sanctions on Russia over its invasion of Ukraine, which Moscow calls a “special military operation.” Prices have slipped since then.

Separately, Indonesia’s state-owned oil and gas firm Pertamina bought 10 percent of Exxon Mobil’s stake in Iraq’s West Qurna 1 oilfield, increasing its share to 20 percent, while BOC bought 22.7 percent of the field.

In January, the Iraqi government gave its approval for the Iraqi National Oil Company to acquire Exxon Mobil Corp’s stake in the giant West Qurna 1 oilfield.

West Qurna 1, in southern Iraq, is one of the world’s largest oilfields with recoverable reserves estimated at more than 20 billion barrels. It produces around 550,000 barrels per day, Mohammed said.

State-run Basra Oil Company told Reuters last year Exxon was seeking to sell its 32.7 percent stake in the field for $350 million.

OPEC’s second-largest oil producer can increase its export capacity by 3 million barrels per day (bpd) if within two years Iraq upgrades its key undersea oil exports pipelines and its two onshore ports, Mohammed said.

He also said a third oil pipeline at the Khor al-Amaya oil terminal in southern Iraq and a fifth single point mooring (spm) will be operational with capacity of 1 million barrels per day by the end of 2024.

Iraq’s exports 3.3 million barrels per day. China Petroleum Engineering & Construction Corp (CPECC) has won a $300 million contract to build an energy station at giant Rumaila oilfield in Iraq, he added.



Türkiye Denounces Opposition Calls for a Day of No Shopping 

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)
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Türkiye Denounces Opposition Calls for a Day of No Shopping 

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)

Türkiye’s government denounced opposition calls for a mass commercial boycott following the arrest of Istanbul Mayor Ekrem Imamoglu that sparked nationwide protests, describing them on Wednesday as an economic "sabotage attempt".

After the mayor was detained two weeks ago, the main opposition Republican People's Party (CHP) had called for a boycott of goods and services from companies with perceived ties to President Recep Tayyip Erdogan's government.

That call widened on Wednesday to include a halt to all shopping for one day, prompting some shops to close in solidarity with those criticizing the arrest as a politicized and anti-democratic attempt to hurt the opposition's electoral prospects.

Imamoglu is Erdogan's main political rival and the CHP's presidential candidate for any future election.

Trade Minister Omer Bolat said boycott calls posed a threat to economic stability and accused those advocating them of seeking to undermine the government.

They "are an attempt to sabotage the economy and include unfair trade and competition elements. We see this as a futile attempt by circles who consider themselves the masters of this country", Bolat said.

Vice President Cevdet Yilmaz said the calls threatened social harmony and economic stability, and were "doomed to fail".

Several cabinet ministers and pro-government celebrities, including former Germany and Real Madrid soccer midfielder Mesut Ozil, used the hashtag #BoykotDegilMilliZarar ("Not a Boycott, but National Damage") to emphasize their stance.

The calls have been led by CHP chairman Ozgur Ozel, who has encouraged the street protests that have swollen to the largest in Türkiye in more than a decade. Erdogan has called the protests "evil" and said they would not last.

Türkiye’s economy has been hit by a years-long cost of living crisis and series of currency crashes, with growth having slowed and inflation still lofty at 39% in February.

On Tuesday prosecutors launched an investigation into those advocating the boycott calls on social and traditional media.

The Istanbul chief prosecutor's office said it was probing calls that allegedly sought to prevent a segment of the public from engaging in economic activity, citing possible violations of laws against hate speech and inciting public hostility.