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BAGHDAD, July 21 (Reuters) – Iraq’s oil minister said on Tuesday that agreements signed between the oil ministry and U.S. companies during the Iraqi Prime Minister Ali al-Zaidi’s visit to U.S. were estimated at $200 billion.
In an interview with Iraqi state television, the minister Basim Mohammed said the agreements would add significant oil production capacity and increase investment in associated gas projects.
He also said Iraq’s oil production capacity currently stands at 4.8 million barrels per day.
Iraq grapples with the challenge faced by many oil-producing nations: attracting investment and expanding production while remaining constrained by the OPEC+ producers’ group output limits.
Though Iraq holds some of the world’s largest crude oil reserves, longstanding production restraints have complicated ambitions to raise revenues to support a rapidly growing population.
Reporting by Muayad Hameed; Writing by Muhammad Al Gebaly
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