Iraq's 2017 Target for Oil Expansion Within Reach, WoodMac Says
- Reaching 5 million barrels a day of capacity ‘not unrealistic’
- Iraq may want to press OPEC for leeway if cuts are extended
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Iraq’s ambition to boost oil-output capacity to a record 5 million barrels a day is “not unrealistic” as the country prepares for the end of OPEC-mandated supply limits, consultants Wood Mackenzie Ltd. said.
Iraq, which has been rehabilitating its oil industry after years of conflict, has vowed to keep expanding capacity while respecting an Organization of Petroleum Exporting Countries’ accord that will limit its production until next April. The country wants to be ready for either the end of that deal, or to press its OPEC partners for some leeway if the group chooses to further prolong output curbs, Edinburgh-based Wood Mackenzie said.