Iraq plans to boost light oil output, exports to 1 million bpd in 2019

BAGHDAD: Iraqi Oil Minister Jabar al-Luaibi said on Sunday that his country plans to increase the production and exports of light crude oil to 1 million barrels per day in 2019, as part of its strategy to boost state revenue.

Iraq is OPEC's second-largest producer after Saudi Arabia and pumps around 4.6 million bpd. The majority of its crude exports go to Asia.

"This (decision) will boost Iraq's position in the global oil markets," the Iraqi Oil Ministry said in a statement, citing Luaibi. Iraq exported 3.583 million barrels per day (bpd) from the southern ports on Gulf in August. The bulk of Iraq's oil is exported via the southern terminals, which account for more than 95 percent of the OPEC producer's state revenues.