BAGHDAD,— Iraq’s oil minister, Basim Mohammed, said Tuesday that deals signed between the oil ministry and U.S. firms during Prime Minister Ali al-Zaidi’s trip to the United States are worth close to $200 billion.
He made the comment in an interview with Iraqi state television.
Mohammed said the deals will boost oil output capacity and raise investment in related natural gas projects. He noted that Iraq’s current oil production stands at 4.8 million barrels a day.
Like many oil-rich nations, Iraq faces a common problem: drawing in investment and growing output while staying within limits set by the OPEC+ group of producers.
Despite holding some of the largest crude reserves in the world, long-running production caps have made it harder for Iraq to lift revenue and meet the needs of its fast-growing population.
(With files from Reuters)
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