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To increase the Oil value and stability of the economy of Iraq, that is the reason government of Iraq has decided to restrict the oil production of Iraq to only 9 million barrels and not to 12 million barrels and this is only decided only due to the worldwide economic downfall. And this decision will prove to be better for the Iraqi economy and increase the Purchase Iraqi Dinar in future.

The Iraqi experts have monitored the situation for more than three years and at the end they have now come to the point that they do not require any peak production of oil because of the reason if it increases oil production then it will obviously increase the infrastructure of Iraq and similarly if the oil production starts to decline rapidly then there might be the unstable macroeconomic situation in Iraq.

In order to maintain the oil production maintained, Iraq has signed the several contracts with the foreign companies that target the total oil production capacity of 12 million barrels per day and it is also reviewing its target as well by 2017.

We got in return as a substantial increase in the lifetime production of plateau production. The plateau output has been envisioned to last 12-13 years, although currently it has been revisited in 19 years,” Kuzyayev said.

Iraq’s overall target could mean the deals could require to be adjusted to accommodate lower production uplands, or highest productivity levels, which would unkind lower revenues for oil companies in the little period.