Oil Output to hit 5.4m bpd in 2022

According to a report from Bloomberg, the International Energy Agency (IEA) has predicted that Iraq will retain its position as OPEC’s second-biggest oil producer, adding 700,000 barrels per day (bpd) to reach 5.4 million bpd by 2022.

Most of the increase will come from southern oilfields, such as the Shell‘s Majnoon project.

The Paris-based agency also forecasts that neighbouring Iran will increase its oil production capacity by 400,000 bpd to reach 4.15 million bpd by 2022.

(Source: Bloomberg)

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