View Full Version : IEA Doubles Forecast as Iraq Ramps Up

03-07-2017, 01:48 PM
IEA Doubles Forecast for New OPEC Oil by 2022 as Iraq Ramps Up

While OPEC cuts back, group prepares for higher future demand
Iraq to expand capacity 14% to 5.4 million barrels a day: IEA

OPEC will increase its production capacity by about twice as much as previously thought, led by expansion in Iran and Iraq, the International Energy Agency said.

The Organization of Petroleum Exporting Countries will raise output capacity by 1.95 million barrels a day from 2016 to 2022, with a third of the gains concentrated in Iraq, the IEA said. Last year the Paris-based agency predicted growth of 800,000 barrels a day from 2015 to 2021.