In its 42nd regular session, chaired by Prime Minister Mohammed Shia Al-Sudani, the Iraqi Cabinet agreed to increase oil exports to China.
In a statement, the cabiniet said the move was to support essential and strategic projects, in alignment with the Iraq-China Framework Agreement.
As a result, oil exports to China will increase from 100,000 barrels per day (bpd) to 150,000 bpd.
The American super-major will sell its last remaining upstream asset in Iraq to the state-run Basra Oil Company, resolving a years-long conflict over the terms of its exit.
State-run Iraqi News Agency (INA) has reported that the management of Rumaila oil field in Basra has announced plans to increase its daily production capacity to 1.4 million barrels by the end of this year.
It quotes Emad Hasan Lafta, the operations director of the field, as saying that the current daily production capacity stands at 1.3 million bpd. It is projected to rise to 1.4 million barrels by the close of the current year.
Rumaila is recognized as the world's second-largest oil field in terms of production and spans a vast geographical area of 1,600 square kilometers, stretching 80 kilometers in length and 20 kilometers in width.
(Source: INA)