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The country intends to use the otherwise-wasted gas for power generation and to increase the nation’s income from energy exports, Oil Minister Jabar al-Luaibi has told Reuters

The jump meant Iran replaced regional rival Iraq as India’s second-biggest oil supplier – a role Tehran used to occupy before Western sanctions were imposed against it over the country’s disputed nuclear programme

Although crude oil exports from Saudi Arabia and Iraq increased in November and December, transit times result in delays before these shipments arrive in the United States

The two sides agreed to establish a joint committee to follow up on the taken decisions and agreements

The increased estimate is the result of appraisals and exploration carried out at seven oilfields in central and southern Iraq

Cairo’s search for additional crude comes after Saudi Aramco halted shipments of oil products to Egypt last year

To promote competition, the new partners cannot be Shell or Mitsubishi , as the two are part of Basrah Gas Co, the first gas processing venture which came on-stream in 2013, in partnership with South Gas Co

Oil Minister Jabar Ali al-Luaibi said he hoped that by the end of the month production would be cut by 210,000 bpd, in line with the OPEC-agreed cap for Iraq