Iraq cabinet approves raising crude oil output capacity - Reuters

Reuters is out with a statement released by the Iraqi government on Monday, citing that the country’s cabinet on Sunday approved a plan to raise the nation’s crude oil output capacity to 6.5 million barrels per day (bpd) by 2022.

Key Highlights:

The country is producing more than 4.4 million bpd in line with an agreement with the OPEC and non-OPEC oil output cuts deal.

The Iraqi government depends on the sector for more than 90 percent of its income.