Iraq Hits 2M Oil Exports Per Day Since August, Eyes Export Route Expansion

Iraq's Oil Minister Bassem Khudair announced on Friday that his country's oil exports have averaged 2 million barrels per day since August. This achievement comes as Iraq seeks to boost its oil production and develop infrastructure in oil-producing regions.

The minister also highlighted the opening of a central gas processing plant at the Faihaa oil field, which has a capacity of 130 million standard cubic feet per day, along with an oil production capacity of 100,000 barrels per day. The government aims to achieve gas self-sufficiency and increase oil and gas production.

With over 85% of Iraq's budget reportedly dependent on oil exports, the country is also planning to expand its export routes through Turkey's Ceyhan port and Syria's Baniyas port, in addition to the Strait of Hormuz. This move aims to diversify Iraq's export options and increase revenue.