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Iraq said a collapse in oil prices and the cost of fighting Islamic State militants may force the country to review its plans to boost crude production this decade.

It may be necessary to revisit our ambitious plans for the next five years, Iraqs Deputy Prime Minister Rowsch Shaways said at a conference in London today, without specifying what measures the country might take. But we are committed to progress in this vital economic field with regard to production and export capacities.

Iraq is supposed to add more new oil production by the end of this decade than any other member of the Organization of Petroleum Exporting Countries. The 12-nation group decided on Nov. 27 to maintain output amid a global surplus. Brent, the global benchmark, slumped 24 percent since then and is down by almost half since the end of 2013.

The Kurdistan Regional Government will increase pipeline exports to 500,000 barrels a day by the end of March from 400,000 now, Ashti Hawrami, the KRGs minister of natural resources, said at the same event. The Kurd areas oil output will expand to 1 million barrels a day by the end of next year, he said.

To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net

To contact the editors responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net Rachel Graham

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Excerpt from:
Iraq May Revisit Five-Year Oil-Production Plans as Crude Plunges