Iraq plans to invest revenues from the increase in exported oil

Muhammad Saadoun, Iraq's representative in OPEC, confirmed that Iraq plans to invest the increase in the quantities of exported oil allowed by the organization.

Saadoun said in an exclusive statement to Al-Iraqiya news channel on Saturday, that Iraq is close to achieving a production limit of over 4 million barrels of oil for June, adding that during the current year, the increased share for Iraq per month is up to 50 thousand barrels per day.

OPEC had announced previously that Iraq has to increase its share of oil production to 4.5 million barrels per day until next June.

Iraq is the second-largest producer of crude oil within "OPEC" after Saudi Arabia, with an average production of 4.6 million barrels per day in normal conditions, and depends on oil revenues to finance up to 92 percent of state expenditures.

The country sold about $38.6 billion worth of oil during the first four months of 2022, according to the Iraqi National Oil Marketing Company 'SOMO'.



PUKmedia