Iraq Eyes Major Oil Production Surge by Year-End

OPEC’s second largest producer, Iraq, plans to increase its oil production capacity to 5.5 million barrels per day (bpd) by the end of the year, up from about 4.4 million bpd now, Iraqi Oil Minister Hayyan Abdul Ghani told the Rudaw news outlet on Wednesday.  “The plan is to reach sustainable production capacity this year at a rate of 5.5 million barrels per day through expansion in well drilling and rehabilitation operations, building surface facilities and pipelines, and increasing water injection to maintain reservoir pressure,”…