15bn barrels added to 2018 Oil Reserves

Iraqi Minster of Oil , Gabar ElLaeeby announced that Iraqi government is conducting intensive negotiations with Iran to reach a joint agreement regarding the common border oil fields , adding that there is also an agreement with Jordan to create a strategic pipeline through Aqaba Port to export oil .

He added during the Iraqi Energy Forum in Baghdad ,that 15 billion barrels will be added to next year oil reserves through oil explorations conducted by International oil companies.
 
In 30 November 2016 ,OPEC countries reached a deal to reduce their oil production to 1.2 million barrels per day , while non-OPEC countries have agreed that their production would be 558,000 barrels per day ,ncluding Russia with 300,000 barrels.

Under the motto “a successful energy sector and a multi-imports economy” , the forum is discussing several oil related issues in Iraq and the region ,starting with oil markets’ future in light of the decline in oil prices , the variety of renewable energy sources and the impact of American policies on the market.

It also discusses enhancing investment opportunities , and developing a systematic plan to address the challenges of population growth , unemployment and technological development and looking towards Iraq beyond 2030 .